Three steps to handle your debt:
| 1. |
Full-body check–Record all your expenses to find out how you spend your money and the causes of overspending, and cut unnecessary expenditure. |
| 2. |
Low-interest financing–Repay a high-interest loan (e.g., credit card repayment) with a low-interest loan from the bank.
|
| 3. |
Cut on loans–Keep fewer credit cards, using only two or three and those which offer the most benefits. Take out fewer high-interest loans from the bank. |
* Source: Mr Patrick Lu, Head, Wealth Advisory & Product Distribution, Standard Chartered Bank (Hong Kong) Limited |
