What Is The Smartest Way To Consolidate Debt In Singapore?
Debt consolidation is the process of taking out a new loan to pay off multiple existing debts. This can be an effective way to reduce your monthly payments, as well as the overall interest you are paying on your debt. There are a few things to consider before consolidating debt, however, such as whether or not you will qualify for a new loan and what the terms of that loan will be.
If you have good credit, you may be able to qualify for a balance transfer credit card with a 0% introductory APR period. This can allow you to transfer your existing debt onto the new card and save on interest for a period of time. Just be sure to make your payments on time and in full each month, as missed payments can cancel out any interest savings.
Another option for consolidating debt is taking o...