Need A Loan To Consolidate My Debt

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Need A Loan To Consolidate My Debt

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Debt Consolidation Loans & Refinancing Options

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Fair use of debt is a useful and strategic financial tool for many people. Unfortunately, it can often be a double-edged sword for those without the education and character to use wisely – they often get it wrong without realizing it.

Just as compound interest encourages wealth creation, an important aspect is that the increased interest on the loan creates a downside that many people find difficult to attract.

Where To Find A Debt Consolidation Plan Money Lender

This can be a difficult situation with long-term financial consequences. This is mainly because the Association of Banks in Singapore (ABS) has created a debt consolidation scheme.

Debt consolidation is the process of taking all of your unsecured debts, such as credit cards and personal loans, and putting them all into one. The most common way to do this is to take out one loan and use it to pay off all your debts.

Now, instead of paying different amounts to different agencies each month, you pay them all in one monthly payment. There are three main benefits to doing this.

Easy to track and plan: When you have multiple expenses to pay each month, it’s hard to keep track of them all. Consolidating your debts means you know exactly how much you have to pay each month.

Debt Consolidation Loans Vs. Personal Loans

Potentially lower interest rates: You can get a debt consolidation loan with a lower interest rate than your credit card, especially when it comes to credit cards. This usually means you’ll pay less overall.

Good Financial Practices: If you’re considering a debt consolidation loan, you already know that you need to improve your financial practices and spending habits. By consolidating your debt into one easy monthly payment, it’s easy to keep track of your finances. This is further reinforced by the conditions laid down by the Singapore DCP.

As a financial institution, we have a duty to do good to society. While credit is important to keep the economy moving, we also know that we have a responsibility to help those who have not learned how to use credit.

ABS introduced the DCP in January 2017. Under this scheme, borrowers can consolidate unsecured loans with standard underwriting at participating financial institutions. The DCP complements other debt relief measures such as the Debt Management Program offered by the Credit Council Singapore and the Debt Compensation Scheme at the Ministry of Law.

Debt Consolidation Loan Calculator

The DCP is supported by the Monetary Authority of Singapore (MAS), which takes proactive measures to prevent overdrafts. For example, the agency implemented credit limit controls in 2015, which prohibit all financial institutions from extending credit guarantees to individuals whose credit amounts exceed certain limits.

The threshold has been gradually reduced since 2015 and as of June 2019 is now 12 times the monthly income. This means that if your unsecured debt exceeds your annual income, you may not be able to get a higher or new credit limit or access an existing facility.

At Standard Chartered, we live out our mission through active engagement with DCP. If you’re struggling with debt, read the information below to learn what you need to know about this plan.

We can help you manage your debt with a debt consolidation plan in a standard deal. Click here. Contact us today.

How To Consolidate Credit Card Debt

Do you owe money? Debt consolidation loans may be just what you need to get your finances back on track. Learn more about getting a loan under the Singapore Debt Consolidation Scheme here.

Just apply for early assessment with your NRIC and income documents and get $500 cash

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Credit can be slow. Maybe you’ll open a credit card or two and take out a personal loan. Pay off student loans and car payments. Before you know it, you have more debt obligations than you can handle.

Best Debt Consolidation Plans (singapore) In 2023

When you consolidate your loans, you consolidate multiple loans into one payment. With a new loan or credit card, you have enough credit to pay off your current debt.

Debt consolidation can be an effective strategy to simplify the debt settlement process. Instead of having to remember when to pay multiple loans with different payment dates and interest rates, you can focus on one payment. You also pay an interest rate that can be fixed or variable depending on the combination of the loan.

The goal is to get a new loan or credit card with a lower interest rate than what you’re currently paying to lower your monthly loan payments.

When trying to get a consolidation loan, you’ll find that different lenders have different eligibility criteria. However, some important factors that lenders should consider are:

Home Equity Loan For Debt Consolidation?

If you can’t pay off your debt, debt consolidation is a smart strategy to pay off your debt faster and help you get ahead financially.

There are several options for debt consolidation. Each approach has benefits and risks. Before you start a debt consolidation plan, understand how it works.

Best for: Those with a good credit score (690 or higher) who can pay off the loan in full before the interest rate kicks in.

Balance transfer credit cards allow you to transfer balances from one credit card to another. Ideally, you transfer your balance to a card with a 0% annual interest rate (APR).

Consolidate Debt With A Debt Consolidation Loan

If your credit score qualifies for the best transfer incentives, a balance transfer credit card can be a useful way to consolidate debt. Most offer 0% APR for terms ranging from 12 to 20 months. The best case scenario is to pay off your balance in full and pay no interest during the 0% APR period.

Compare balance transfer credit card offers, check your credit score and find the best card for you

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