Debt Consolidation is a very service offered by most of the prominent banks in Singapore. This refinancing program helps a borrower consolidate his various credits across different financial institutions with one financial institution. The aim is to simplify personal finance by combining all of your personal loans and credit card debts into one fixed monthly repayment. They are a great help to individuals who are having trouble managing their personal debts as they help to organize and repay their loans.
The debt consolidation plan Singapore works only for unsecured lines of credit such as outstanding credit card balances or a personal loan. However, secured loans like a renovation loan or home loan, car loan, business loans and education loans cannot be consolidated under this refinancing plan.
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