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Monthly Archive for: "September, 2021"

Differences between a licensed moneylender and a loan shark

Singapore is a hotbed of financial crime. Loan sharks are lurking at every corner. Your data is already available to them. They will contact you in various creative ways, making it hard for you to tell them apart from a licensed moneylender. Consequently, you will end up losing your hard-earned money and in some cases, also your personal information that will be used to bombard you with even more scams or worse yet, for extorting more money out of you by means of leverage. Loan sharks are a type of illegal business. You should never deal with them. It’s critical, […]

Effects of compounding interest

Compound interest means interest earned on top of previous interest. The interest you earn on a principal amount is reinvested as part of the principal amount so that in the next cycle, you’re not earning interest just on the original principal amount but the combination of the principal amount and the interest earned so far. Whether for the good or the bad, compound interest affects us all by thousands of dollars. Credit card debt, retirement accounts, personal loans, investments, and so on – compound interest is everywhere and changing our finances as we speak. You need to get a good […]

Things to know about credit counselling in Singapore

Credit counselling is a process that helps debtors with debt settlements. The tools usually employed for effective credit counselling involve financial education, budgeting, and the basics of certain software. The ultimate goal of credit counselling is to reduce and eradicate debt. It sounds pretty neat on paper, doesn’t it? But there’s more to credit counselling than meets the eye. For example: It’s no magic trick. Your debt won’t disappear. More than likely, you will need to make choices that aren’t the most convenient or comfortable for you. You will need to strictly adhere to the counselling for it to work. […]