Do you want to be debt free?
Studies have shown that people in debt have higher rates of mental health problems such as depression and anxiety.
The most common debt Singaporeans face is credit card debt. Making payment is quick and simple, and it is easy to fall into a debt trap. For some, they will choose to take on an urgent loan from financial institutions to repay their credit card bills. This is because of lower interest accumulated.
It is not unusual to feel lost when you’ve been trying to clear your debts non-stop. It feels never-ending, and you feel helpless while it spirals out of control. This is why several people turn to credit counselling Singapore to guide them on the path to financial freedom.
Credit counselling is common in Singapore
Credit counsellors are financial experts who provide the tools and information that are essential for addressing your financial difficulties. Talking to them guarantees confidentiality and might be exactly what you need to get your finances back on track.
Professional financial counsellors are aware that it can be hard to discuss debt. Many Singaporeans think they will be blamed or criticised for the financial situation that they are currently in.
However, everyone makes mistakes in life and there are times when you need some assistance to move in the right direction.
Debt counselling Singapore is not about stressing you further or judging you. This is a service that is designed to help you identify effective solutions through genuine and purposeful guidance. Financial counsellors listen to you, understand your goals and current situation and give you comprehensive advice and information. They offer debt management programmes for their attendees.
Aspects of credit counselling in Singapore
Credit counselling in Singapore is a service that is provided through professional experts.
You will be working with a credit counsellor who is responsible for assessing your financial situation, which includes your goals and the challenges that you are dealing with. They will let you know about the available options, answer your questions and ensure that you have enough time to make the right choice for your needs.
If you continue working with a credit counsellor by implementing debt solutions such as debt management programmes, you can rest assured that you will be supported by a dedicated team along with your financial counsellor. Whether you need help with an unexpected change in life, expense or want to re-evaluate your budget, credit counselling in Singapore is always accessible.
The ultimate goal of credit counselling is to enable you to achieve lifelong financial wellbeing, which includes maintaining a viable budget and preparing for the future.
Who needs credit counselling?
Credit counselling is suitable for those who feel that they can no longer solve their financial issues on their own. Luck is not enough to clear your debts.
When you make the decision to go for credit counselling, a financial counsellor reviews your whole financial situation and talks to you about your options. This helps when you are deep in debt.
A non-profit counselling agency like Credit Counselling Singapore (CCS) always works towards protecting your best interests and easing financial distress. They inform you of all the options that are available and help you figure out the best way forward.
They are going to give you the cold hard truth.
A credit counsellor often places people on a debt management programme while presenting detailed advice and information about budgeting, being financially prepared, making payments and everything else that may pertain to resolving your situation and avoiding debt problems in the future.
You may want to think about going for credit counselling if you are unable to cope with payments for your unsecured debts. People have the option of applying for the Debt Management Programme that is offered by CCS if you have unsecured debts of at least $10,000. The agency can work with your creditors to negotiate a debt repayment plan according to your financial capability.
On the other hand, you can also start by attending the agency’s free information talks and going for counselling to talk about your financial situation and solutions with a financial counsellor. Although debt problems can be extremely challenging, getting unbiased advice and support can provide the relief you need during this difficult time.
Other than credit counselling, you can also apply for a personal loan to consolidate and repay your debts first.
Loans are agreed on contracts and as long as you make the required monthly payment, you will not be charged more. This helps lower the overall interest paid and saves you money in the long run.
Services from Credit Counselling Singapore (CCS)
Credit counselling is a service that offers financial and debt management assistance to people who have debt issues. This is accomplished through advice and education as well as facilitating manageable debt repayment.
Credit counselling in Singapore is provided by Credit Counselling Singapore, which is a non-governmental organisation that offers a variety of services that include credit counselling and financial literacy workshops.
CCS credit counselling sessions are affordable and accessible at a one-off cost of $30. It is a one-time fee and no further payment is required for future sessions.
Education is vital and the organisation is committed to encouraging responsible credit card use and borrowing, better money management and money habits through workshops and talks. Not only do they share information on how to manage your current debt, they provide useful advice to prevent future debts.
You have to change your habits if you want to make a change in your life.
Information talks on debt management
CCS currently conducts online webinars regularly to provide access to general information about addressing both consumer and business debt issues. People can explore different options during the talks and learn about how to arrange for a credit counselling session.
If you have a busy schedule, online webinars definitely help as you can watch anywhere, anytime.
Financial counselling on a one-on-one basis is useful for helping you understand your entire financial situation, identify practical solutions to deal with personal loans and improve your money management skills.
Enterprise credit counselling
Enterprise credit counselling is a form of financial counselling that aims to help you and business partners (where applicable) to understand the details of your business finances, evaluate your company’s financial condition and find out about viable solutions to address the debt service challenges that your company is grappling with.
Counselling can also aid small business owners who need to understand their financial obligations and liabilities when their business ceases to be operational.
Debt Management Programme
CCS offers the outstanding benefit of having a debt repayment plan that is well structured with credit card firms and consumer banks in the country. CCS provides ongoing support to people on DMP, tracking their progress and payments until they are able to reach full settlement.
More and more Singaporeans want to learn about personal finances. Handling money can be a daunting task but being financially literate empowers you and gives you the ability to make informed decisions and prevent adverse money issues.
CCS believes that financial education should be widely accessible at different stages of life. It helps you understand your finances better through informative content that simplifies the intricacies of finance.
Financial literacy talks and workshops
CCS continually conducts financial literacy talks and workshops that focus on promoting responsible credit card use and borrowing, enhancing debt and credit education and informing people about money management skills. This service is available for organisations, social service agencies and individuals.
Getting credit counselling
A financial counsellor works with you to help you improve your debt management during credit counselling sessions. Financial counsellors analyse situations according to the financial information that people provide to them, which makes it possible for them to give advice regarding the best course of action. This is highly beneficial when you are struggling to manage debt and require some professional help.
The following are key steps towards applying for credit counselling in Singapore:
Attending a debt management webinar
Attending a debt management information talk enables you to get objective information about how you can deal with a debt problem. Since CCS is a non-profit organisation, its goal is to secure your peace of mind by helping you determine the best course of action for you.
You can get insightful debt management information by either taking an online course or attending a webinar where knowledge is shared about different options that are worth considering for debt issues. Information also includes the dos and don’ts of handling debt, dealing with creditors and the actions that a creditor often takes to recover money that is owed to them.
Most people typically have a better idea of what they need to do to avoid plunging deeper into debt once they attend a debt management webinar or take a debt management course online.
Submitting a counselling request
You are at liberty to request for a financial counselling session if you need help with comprehending your finances.
CCS offers personalised debt advice along with the opportunity to explore different options and determine the most viable one.
Do note that credit counselling sessions are by appointment only.
Arranging an appointment requires you to complete the counselling request form that you get once you complete an online course or attend a webinar. Attach the supporting documents as specified and send them to CCS. Upon receiving your documents, you will be contacted via phone or email to arrange for a counselling appointment with a financial counsellor. Remember to make an appointment beforehand to save your own precious time!
Note that all the information that you give is confidential and is necessary to enable the counsellors to fully assess your financial situation.
Attending a one-on-one counselling session
During a one-on-one counselling session, your financial counsellor helps you understand your cash flow, figure out the most practical option for addressing a debt issue and establishing whether or not you are suitable for a Debt Management Programme. This process involves working with you to estimate your income, expenses and budget and determine how capable you are of making payments.
If you are deep in debt and are worried about your situation, you should think about going for credit counselling as soon as possible.
Credit counselling is readily available and you find them here.
With the right type of debt counselling Singapore programme, you can expect to get your financial situation back on track and stay away from options that may ruin your credit.
Credit counselling is a debt elimination and education process that is designed to give comprehensive assistance to people who are stuck in debt. It is usually the option that is considered by people who are finding their circumstances difficult but are still capable of paying their bills. Credit counsellors can guide you and identify the best solution that works for your circumstances.
Depending on how much debt you have, the credit counselling process can be extensive. Credit counselling combines budgeting, financial education and strategies such as negotiating with creditors to get you out of debt as well as to give you the resources and tools that you need to avoid getting deep into debt again.
If you are one of the Singaporeans who are financially challenged and are not sure about what to do, a credit counselling service might be the solution. You can also reach out to our professional financial consultants or call us at 6221 1811 to find out more information on debt repayment. No obligations!