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Are you overwhelmed by multiple debts in Singapore? A debt consolidation plan might be the solution you need. This article will walk you through everything you need to know about debt consolidation plans in Singapore.
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Should you take a personal loan for debt consolidation?
Taking a personal loan for debt consolidation can simplify payments and lower interest rates. It's a good option if the new loan terms are more favorable than your current debts.
Will a debt consolidation loan affect my credit score?
A debt consolidation loan can temporarily lower your credit score due to the credit inquiry and new account. However, making timely payments can help improve your score over time.
Can debt consolidation improve your credit score?
Yes, debt consolidation can improve your credit score if it helps you manage payments and reduce your overall debt. Consistently paying on time is key to boosting your score.
