If you’re struggling to juggle multiple credit cards and loans, or even worse, owe debts to unlicensed money lenders, it can be extremely difficult to keep up with repayment dates. Not to mention, a missed payment can lead to additional fees and interest charges.Check this out :https://www.edudebt.sg/mastering-debt-repayment-scheme-a-comprehensive-guide-for-singaporeans/

The good news is, there are a number of ways to manage your debts in Singapore. One such way is to apply for a debt consolidation plan (DCP). This helps you combine your various debts into a single loan with a financial institution, which you then repay at a lower interest rate over a longer period of time.

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DCPs are available from 14 Participating FIs in Singapore and are regulated by the Monetary Authority of Singapore. To qualify, you must have total interest-bearing unsecured debt on all your credit cards and other unsecured credit facilities with financial institutions in Singapore that exceeds 12 times your monthly income.

You can also consolidate your revolving credit facilities with a DCP, including lines of credit and overdraft facilities. However, the total outstanding balance of your revolving credit facility must not exceed the total amount you have consolidated with the DCP.

As a first-time applicant, you may be eligible for a 5% allowance on the total DCP value that you have applied for. This is to help you cover unforeseen expenses that may arise after the DCP has been approved and disbursed. This supplementary allowance will be paid directly to the financial institutions that you owe your debts to, so you don’t see this money in your bank account.

Whether you are saving cash in a compound interest broker UK, investing in stocks and bonds or simply paying off your debts, compound interest is one of the most important principles for making your money work as hard as possible. It’s a powerful force that generates a snowball effect that can help you build wealth over time. However, the benefits of compound interest are only realised if two essential ingredients are present: time and a higher rate of return.

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Unlike simple interest, which only applies to the original deposit or loan amount, compound interest is calculated on both the initial amount and any previous accumulated interest. As a result, the’snowballing’ effect is more pronounced. This is why it is crucial to find a compound interest broker UK that suits your savings and investment goals. You can find a great selection of savings accounts that offer compound interest on the Raisin UK marketplace. Just make sure to check how often the bank pays interest and whether it’s compounded annually or monthly. This will have a significant impact on your savings over the long term.

CFD trading allows you to speculate on the prices of a wide range of assets, from stocks and ETFs to commodities like oil and gold. XTB has a lot to offer, including low spreads and a well-rounded educational/analytical offering. This makes the broker well suited for both beginner and experienced traders alike.

XTB CFD Review has a competitive offering for those looking to trade CFDs, offering over 1,900 individual shares across various markets and 30 global indices. Additionally, the broker has a strong presence in the crypto market, offering 50 major coins.

The broker has a simple and intuitive platform. It offers a desktop application as well as a mobile app that can be downloaded on both iOS and Android devices. The desktop version of the platform is packed with features, supporting 39 charting indicators and studies as well as drawing tools.

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On the app, XTB has made it easy to filter popular markets and highlight key market news, providing traders with a quick and convenient way to find information they need. It also provides a daily economic calendar and a live feed of news events from around the world that could impact markets.

XTB does not charge any commissions for trading CFDs, instead building all the costs of the trade into the spread. However, the broker does have a small currency conversion fee of 0.5% for trades that are priced in a different currency to the account’s base currency. This is standard in the industry and in line with the cheapest brokers.