loan-agency.com Loan Rejected Specialist OUTSOURCE BANKER Malaysia Loan Agency Malaysia - Credit Card Debt Consolidation (2024)

Reduce Monthly Pay
PLAN

Your Credit Card Liabilities :
RM50,000

Your Advance Payment :
RM2,500/mth

After We Successfully Processed :
50%+ Lower Monthly Payment
RM890-RM1,100/mth

Increase Your Cash in Hand :
0
NO Extra Cash Flow

Boost Cash Flow PLAN

Your Credit Card Liabilities :
RM50,000

Your Advance Payment :
RM2,500/mth

After We Successfully Processed :
Reduce Monthly Payment
RM1,700-RM2,250/mth

Increase Your Cash in Hand :
RM20,000
Get EXTRA Cash Flow

Additional Funds on Hand

Your Credit Card Liabilities :
RM50,000

Your Advance Payment :
RM2,500/mth

After We Successfully Processed :
Your Monthly Payment
RM2,600-RM3,300/mth

Increase Your Cash in Hand :
RM55,000
Get MORE Cash Flow

Recognising Credit Card Debt Consolidation

What exactly is Credit Card Debt Consolidation?

Merits of Credit Card Debt Consolidation

Faster Debt Repayment: After consolidating your debt, you may be able to pay off your debt more quickly if you continue to make the same monthly payments or raise them. This may result in earlier financial independence and lower total interest payments.

Reduced Late Fees: If you have multiple credit card accounts, managing late fees and penalties can be expensive. Consolidating your debt can help you avoid these costs.

Single Monthly Payment: Managing your finances and creating a budget is made simpler with a single monthly payment. You'll have a clear picture of how well you're doing with debt repayment.

Credit Score Preservation: Credit card consolidation can help you preserve your credit score by halting further damage brought on by missed payments or high credit utilization rates linked to maxed-out credit cards.

How Does Credit Card Debt Consolidation Function?

Credit card debt consolidation can be accomplished in an array ofvarious ways, including:

Debt Consolidation Credit Cards: Transfer balances on high-interest credit cards to a new card with a diminished introductory interest rate.

Private Loan: Pay off your credit card debt with a personal loan, which frequently has a lower interest rate.

Property Equity Loans: If you own a home, you can leverage the equity in your home to get a low-interest loan to pay off your credit card debt.

Debt Management Programs: Participate in a debt consolidation programme through a respected debt consolidation supplier, which can negotiate on your behalf with creditors.

Credit Card Debt Consolidation Methods

Credit card debt consolidation comes in two varieties:

Guaranteed Debt Consolidation: This type of debt consolidation involves the use of collateral, such as your home or automobile, to secure the consolidation loan. Secured loans frequently have lower interest rates.

Informal Debt Consolidation: No collateral is required, however,interest rates may be slightly higher than for secured loans. Unsecured consolidation alternatives include personal loans and balance transfer cards.

Selecting the Ideal Credit Card Debt Consolidation Service

Choosing the best debt consolidation service is critical to your financial well-being. Assume the following elements:

Reputation: Conduct research and read customer reviews to ensure that the service is recognised and trustworthy.

Costs: Identify the service's associated fees, including any upfront costs or ongoing fees.

Certification: Examine to see if the service is accredited by industry associations.

Customer Support: Consider the quality of customer service as well as their willingness to answer your complaints.

The Application Approach

After you've decided on a debt consolidation service, you'll need to go through an application procedure that normally includes:

• Check and analyze the latest CTOS reports.

• Review and analyze income documents.

• Provide 2 to 3 different and most suitable solutions.

• Calculate in advance how much bank loan you can get.

• After determining the plan, both parties sign a cooperation agreement.

• Implement the client's final choice.

• The bank approved the customer's application.

• Fees paid to us by our customers.

Taking Control of Your Credit Card Debt Consolidation

Following the consolidation of your credit card bills, it is critical to handle your finances responsibly:

• Make agreed-upon monthly payments to the consolidation service.

• Make a budget to avoid accumulating new debt while paying down your consolidated sum.

• Avoid cancelling old credit card accounts, as this can harm your credit score.

Avoiding Future Debt Problems for Credit Card Debt Consolidation

Debt consolidation is a viable option, but it is critical to address the underlying causes of your debt problems:

• Make an emergency fund to meet unanticipated costs.

• Create excellent financial habits like planning and saving.

• Seek financial counselling if you want to enhance your financial literacy.

Conclusion