Cconsolidating debt txt 18

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Their unsecured credit facilities will be suspended by Aug 31 if their unsecured debt remains above 18 times monthly income.Here are some steps borrowers can take: •Update your latest income records with the financial institutions.The aim is to help borrowers avoid falling deep into debt.

For example, someone without DCP would likely be paying around 3 per cent of their total outstanding on a monthly basis at an effective interest rate in excess of 20 per cent per annum.Mr Desmond Tan, head of lifestyle financing, OCBC Bank, advises bank customers to have a habit of updating their latest income records to avoid any inadvertent suspension of their credit cards and unsecured loan accounts arising from outdated income information.•Debt Consolidation Plan (DCP) This offers the convenience of bringing together all unsecured outstanding balances from multiple accounts with all the banks, and consolidating them into one monthly instalment repayment plan at an affordable interest rate.And it could create tensions at home owing to money shortage and unpaid bills."Should the borrower lose his job and/or become depressed, this implies potential family/social problems, as the family could break down or he could become suicidal," she added.

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