Times are bad now. Even my apartment that has good location is not able to be rented out. At least I still have some online income to pay for the home loan. I wonder, for those that has been retrenched who has secured loan, how are they going to pay for their loans? They will loose more if they can't pay the loans because in order to get the secured loans, they have to pledge an asset, normally a car or a house. When they can't pay, their asset will be sold!
Here is another way where you can save when using credit card. If you have good credit score, apply for credit cards for people with good credit score. You will enjoy low APR on purchases and balance transfer. You can even get a deal with 0% APR during the introductory period! On top of that, you are not required you to pay a set-up fee or a maintenance fee.
This is because people with good credit score are good paymaster and the banks trust this kind of customer because they will not likely to go over credit limit or miss payments.