What Is The Best Way To Consolidate Credit Card Debt

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What Is The Best Way To Consolidate Credit Card Debt

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Balance Transfer: How Does It Work In Singapore? Singsaver Explains

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The judicious use of credit facilities is a useful and strategic financial tool for many people. Unfortunately, this can sometimes be a double-edged sword for those who lack the knowledge and attitude to use it wisely – often through no fault of their own.

Just as reverse returns lead to wealth creation, the flip side – interest on debt – can create a downward spiral that many people find very difficult to break out of.

How Does Debt Consolidation Affect Your Credit Score?

This can be a difficult situation with long-term financial implications. It is also precisely why debt consolidation exists, and specifically why the Association of Banks in Singapore (ABS) introduced the Debt Consolidation Program (DCP).

Debt consolidation is the process of taking all of your unsecured debt, meaning debt that you have no collateral for, such as credit cards and personal loans, and putting it all into one bucket. The most common way is to take out a loan and use it to pay off any outstanding debt.

Now instead of paying different amounts to different companies each month, you simply roll them all into one monthly payment. This has three main advantages.

● Easy maintenance and scheduling: When you have many payments to make each month, it can be difficult to keep track of them all. Debt consolidation into one payment means you know exactly how much you have to pay each month.

Debt Consolidation Loans & Refinancing Options

● Lower interest rates: You can often get debt consolidation loans at lower interest rates compared to outstanding debt, even if you include mostly credit card debt. This means you’ll often pay less overall.

● Financial discipline: If you are thinking about taking out a payday loan, then you already know that you need to improve your financial discipline and financial habits. Consolidating all your debts into one simple monthly payment makes it easier to maintain financial discipline. This is also reinforced by the conditions laid down by the Singapore DCP – which we will explain in detail.

As a financial institution, we have a responsibility to do good for society. While borrowing is important to keep the economy going, we also know that we have a responsibility to help those who have not yet learned how to use debt responsibly.

ABS introduced the DCP in January 2017. Under the scheme, eligible borrowers can consolidate their unsecured debt into one participating financial institution – including Standard Chartered. The DCP complements other debt relief measures such as the debt management program offered by Credit Counseling Singapore and Heme Debt Relief under the Ministry of Law.

Should You Consolidate Your Debts?

DCP has received support from the Securities and Exchange Commission of Singapore (MAS), which has already taken proactive measures to prevent the accumulation of excessive debt. For example, in 2015, the Authority introduced measures to control credit costs, which restricted all financial institutions from providing unsecured loans to individuals with loans exceeding a certain limit.

This landing has been steadily improving since 2015 and is now at 12x monthly income as of June 2019. This means that if unsecured loans exceed your annual income, you will not be able to get higher or new credit limits or cancel existing facilities.

At Standard Chartered, we fulfill our role by actively participating in the DCP. If you’re struggling with debt, read the infographic below to learn everything you need to know about the concept.

At Standard Chartered we can help you manage your debt through our Debt Consolidation Program loans. Click here. Contact us today.

Best Ways To Consolidate Credit Card Debt

Do you feel like you are drowning in debt? A debt consolidation loan may be just what you need to get your financial house in order. Learn more about getting a Singapore Debt Consolidation Loan here.

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Edited by Sarah Gage Edited by Sarah GageArrow Senior Editor, Credit Cards Sarah Gage is the senior editor on the team. Passionate about providing clear and concise information to help people manage their personal finances, his writing has been featured by Trader, Tally and Happy Money, among others. Sarah Gage

Best Debt Consolidation Loan Companies And Programs [year]

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Why Consolidate Credit Card Debt?

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