What are some of the ways to consolidate one’s debt?
- Credit card balance transfer
- Property – refinancing
- Personal loan from bank
- Policy loan
- Liquidate some investment assets
- Soft loan from family & friends
- Renegotiate the terms with your primary lender.
- Get help from a non profit Credit Counseling and Debt Management Agency (AKPK)
How can one save by doing such consolidation and what are the costs?
Set up cost for the consolidation plan. In the example of property refinancing, the set up cost involved would be property valuation fee, early settlement fee from original finance institution if any, legal fee, government stamping fee & etc
How do one knows if the debt consolidation plan is appropriate for him/her at that point of time?
To list down the advantages & disadvantages of each option available to you.
To calculate the actual total set up cost involved, waiting period, amount of interest saved and lose of opportunity cost if any. And compared which method work the best to you.