Signs to Look Out for Before Consolidating Your Debt

Posted by Alyana Azizah on May 19th, 2021

If you're confused about whether you'll be able to pull yourself out of a financial mess, try getting in touch with debt consolidation companies in Singapore to avail their credit counseling session. Ensure that the credit counselors of the agency have gotten certified from the National Foundation for Credit Counseling. You can ask them to revive all your expenses band assets and suggest a course of action. That service is free. 

If you aren't a viable candidate for consolidating debt, they would recommend bankruptcy. Despite its bad reputation, bankruptcy isn't a financial death sentence. You have a chance to start your life again and set yourself in the correct direction by taking help from a bankruptcy attorney. With the help of experts, you can get back on your feet in less than two years. You can take help from a personal loan moneylender Singapore. 

Signs indicating that you must consolidate your debt:

• You're making less money and spending more of it.
• Instead of shrinking, your credit card balances are growing.
• You are currently paying minimum payments on your debt.
• You got turned down for a store Installment or credit card loan only because of a high debt to income ratio.
• You have debt on five credit cards or more.
• You are at your credit limits, or you're approaching them.
• You have a balance on your credit credits with interest rates that are over 18.99.

Signs indicating debt consolidation isn't a good idea for you:

• You are missing your rent payments or monthly mortgage.
• You are failing to pay your utility bills.
• You're maxing out all your credit cards.
• Debt collecting is constantly calling you.