Debt consolidation is a method of rolling all of your loans into one single, lower interest payment. There are two primary ways to consolidate your debts: a debt consolidation loan and a credit card balance transfer.
A low-interest debt consolidation loan can be beneficial to consolidate multiple high-interest loans such as credit cards and personal loans. This can help to lower your accumulated monthly instalments and interest rates.
For credit card bills, a good option to consider is a balance transfer – which means transferring your existing credit card balance to another credit card or bank with a lower interest rate, such as CIMB Balance Transfer, which offers interest rates from as low as 0.5%* per month for 6 months.
If you have a home mortgage, consider refinancing your home, which can lower the interest rates.
