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How To Consolidate Your Loans
What Is Debt Consolidation?
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Reasonable use of credit resources is a useful and strategic financial tool for many people. unfortunately, Sometimes it can be a swing for those who lack knowledge and attitudes – often without being able to use them themselves.
Like merger proceeds, they drive wealth creation. The flip side of adding interest on debt can create a downward spiral that many find they have great difficulty getting out of.
Apply For Debt Consolidation Plan Singapore
This can be a difficult situation with long-term financial consequences. This is why debt consolidation occurs; This is also why the Association of Banks in Singapore (ABS) introduced the Debt Consolidation Plan (DCP).
Debt consolidation is when you put secured and unsecured debts, such as credit cards and personal loans, into one bucket. The most common way to do this is to take out one loan and pay off your entire debt.
Now Instead of paying different amounts to different organizations every month. Just roll it all into one monthly payment. This has three main advantages.
● Easier monitoring and planning: when you have to make many different payments every month; It can be difficult to keep track of them all. Debt consolidation into one payment helps you know exactly how much you will pay each month.
Everything You Need To Know About Debt Consolidation
● Potentially lower interest rates: Debt consolidation loans can often offer lower interest rates compared to the amount of debt you have, especially for most credit card debt. This means you generally pay less.
● Enforced financial discipline: If you are considering a debt consolidation loan. You already know that you need to improve your financial discipline and spending habits. By consolidating all your debts into one easy-to-follow monthly payment. It’s easier to maintain financial discipline. This is further reinforced by the conditions imposed by Singapore’s DCP, which we will describe in detail.
As a financial institution, we have a responsibility to do good for society. While paying off credit is essential to keeping the economy going, we also recognize 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 plan, Eligible borrowers can consolidate their unsecured debt with one participating financial institution, including Standard Chartered. The DCP complements other debt resolution measures such as the Debt Management Program offered by Debt Counseling Singapore and the Debt Repayment Program under the Ministry of Law.
Should You Use A Home Equity Loan For Debt Consolidation?
The DCP has received support from the Monetary Authority of Singapore (MAS), which has already taken proactive measures to prevent excessive debt accumulation. for example, In 2015 the authorities introduced measures to manage credit limits, which limit all financial institutions from issuing additional unsecured loans to individual borrowers above a certain threshold.
This rating has been gradually decreasing since 2015 and as of June 2019 was 12 times monthly earnings. That is, if your unsecured loans exceed your annual income. This means you won’t be able to get higher or new credit limits or draw on existing facilities.
At Standard Chartered, we do our part by actively participating in the DCP. If you’re struggling with debt, read the infographic below to learn everything you need to know about this plan.
At Standard Chartered, we can help you manage your debt with our debt consolidation loans. Click here to join. Contact us today!
Debt Consolidation Can Help Pay Off 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. Find out more about getting a Singapore Debt Consolidation Plan loan here.
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Debt consolidation is done by consolidating multiple debts such as credit card bills and loans. Take out one low-interest loan to pay them off. It’s a way to reduce your debt and restructure it to make it easier to manage and pay off as much as possible.
How To Reduce Your Loan Interest Rates (and Get Out Of Debt)
For example, If you have three credit cards and two credit cards with a debt of £15,000. You can get a single loan of £15,000 to pay off your debts. Then repay the £15,000 loan in one monthly instalment.
There are two ways to consolidate debt; Both consolidate your debt payments into one monthly invoice.
Unsecured Loan: This is a personal loan that does not require an asset such as your home to serve as security for the loan.
Secured loan: This is a loan where you put up an asset, such as your car or house, as security for the loan. If you cannot repay the loan, the Trustee can take over the property to sell it and recover the loan.
Ultimate Guide To Consolidating Your Debt
Most personal loans can be used for debt consolidation, but it’s important to check with your servicer before taking out a loan.
This is a personal loan that you can use to pay off your debts. There are two main types.
Most personal loans can be used for debt consolidation, but not all, so check carefully before applying.
Yes, maybe So shop around and compare your options before you pile up the debt and apply for a loan. Calculate all the costs and compare how much each option will cost you and how long it will take to repay the loan. Here are some other options to consider.
Student Loan Consolidation: Should You Consolidate Your Loan?
Debt consolidation loans are open to people with bad credit, even though you may have fewer borrowers. You will likely pay a higher interest rate than a standard consolidation loan.
If you have good credit, the process is the same. Lenders who are willing to lend to people with lower credit scores will consider more than your credit score when assessing affordability.
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