SINGAPORE: A new repayment scheme that aims to help over-indebted customers repay unsecured loans from facilities like credit cards, personal loans and overdrafts, will be launched next Monday (Jan 23).
A total of 14 financial institutions, all of which offer unsecured credit loans, will be participating in the Debt Consolidation Plan (DCP), the Association of Banks in Singapore (ABS) said in a news release. This comes as the industry-wide borrowing limit is set to be reduced from the current 24 times one’s monthly income to 18 times by June 2017 and to 12 times by June 2019.
Under the new scheme, a customer can consolidate all his/her unsecured credit balances across the 14 banks with just one institution.
This means that the bank that ad…
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