What would be your advice or feedback on Citibank's Debt Consolidation Plan?
Anyone here also struggling with the insecure debt or in the DCP plan? Would like to hear any feedback and advice you have. I appreciate!
Products mentioned in this forum:
Citi Debt Consolidation Plan
Citi Bank Debt Consolidation Plan wants you to take charge of your finances and consolidate all of your debts into a single loan with Citi Debt Consolidation Plan without any processing fee and get S$500 cash rebate when you apply for a Citi Debt Consolidation Plan or if you intend to refinance your plan with Citibank.1 reviews
Confused About Financial Products?
You can chat directly and receive the best offers from the experts.
Let me assumed that you already have debts thus I recommend you to go for DCP first; for few reasons. It works by consolidating all your existing bank debts into DCP whereby Citibank pays it off for you and now you owe them only. The interest rate is about 10%/annum, vs 24-30% credit card interests rate. This plan does not eradicate the root of the problem as you need to reflect on the causes of your debts, are they Lifestyle choices or circumstantial? DCP may give you a month of credits to use for emergency purposes but frankly you stand to build up debts again if you don't know what went wrong and how you can make wiser decisions.