The new Debt Consolidation Plan (DCP) offers welcome relief to borrowers who find themselves in deep despair under a mountain of debt.
Under the scheme, eligible borrowers can now reduce their debt burden and consolidate their outstanding balances across various banks, by nominating one participating financial institution to gather together all their debt.
The scheme is meant to help borrowers with interest-bearing unsecured debt exceeding 12 times their monthly income – in other words, those snowed under with debt.
The simpler repayment process is offered by 14 financial institutions here including the three local banks and other retail banks such as Citibank, HSBC and Maybank.
The DCP is timely as it comes ahead of a tighte…
Read the full article at: http://www.straitstimes.com/business/invest/new-plan-for-those-deep-in-debt
