While debt consolidation offers may sound appealing, especially if the new loan offers an attractive initial interest rate, it is important to consider all the factors before picking one up.
By: Hitesh Khan/
If you are like most Singaporeans, your email and mailbox may be filled with offers for credit cards, mortgage refinancing and personal loans. Many of those offers stress the benefits of moving existing balances to the new lenders. While that may sound appealing, especially if the new loan offers an attractive initial interest rate, it is important to consider all the factors associated with debt consolidation.
Moving all your outstanding loan balances to one lender will not reduce the amount you owe. You must ulti…
Read the full article at: http://finance.theindependent.sg/debt-consolidation-is-debt-management-not-debt-elimination/