In Singapore, credit counseling is still a relatively unknown concept. Many individuals hesitate to discuss their debts and are unaware of the benefits that credit counseling can provide. However, it’s crucial to understand that credit counseling offers valuable assistance in debt management and financial planning. In this blog, we will introduce you to Oasis Credit, a reputable money lender in Singapore, and explore the credit counseling services they offer.
What is Credit Counseling?
Credit counseling is a process that involves meeting with a financial counselor to discuss debt management strategies and receive professional advice. It offers a supportive environment where individuals can seek assistance and guidance in paying off their bills and achieving financial stability. Oasis Credit recognizes the importance of credit counseling and aims to help people regain control over their finances through their services.
Services Offered by Credit Counselling Singapore (CCS):
Oasis Credit collaborates with Credit Counselling Singapore (CCS), a recognized non-governmental organization in Singapore. CCS provides a range of services that focus on unsecured debt help and financial education programs. Let’s explore the key services offered by CCS:
Financial Counseling:
Financial counseling sessions with CCS are designed to help individuals gain a clear understanding of their financial situation. During one-on-one sessions, a financial counselor analyzes the individual’s financial status and provides personalized advice based on their unique circumstances. By sharing personal financial information, individuals can receive accurate and useful guidance.
Debt Management Programme (DMP):
For borrowers facing significant financial difficulties due to unsecured obligations, CCS offers a Debt Management Programme (DMP). This structured debt repayment plan enables individuals to negotiate lower interest rates and longer repayment periods with their creditors. Although the debts are not consolidated under one lender, individuals make monthly installments to each original creditor throughout the DMP term. To qualify for a DMP, certain criteria must be met, such as owing at least S$10,000 in total unsecured debt and having bank accounts at least a year old.
Enterprise Credit Counselling Programme (ECCP):
Oasis Credit understands that small business owners may face both personal and business debt challenges. CCS’s ECCP assists such individuals by providing a comprehensive debt repayment plan that addresses both their personal unsecured debts and unsecured business loans. To qualify for ECCP, the business operations must have ceased or be in the process of ceasing, and certain asset and loan thresholds must be met.
Discussions on Debt Management:
CCS organizes free speeches and discussions on various debt-related topics to educate individuals about debt management. These sessions cover subjects such as communicating with creditors, seeking assistance from CCS, and effectively handling debt problems. Even if individuals do not have immediate debt concerns, attending these informative discussions can enhance their debt management skills.
Financial Education Programs:
In addition to debt management services, Oasis Credit collaborates with CCS to offer financial education programs that promote financial literacy and better budgeting. Let’s explore two key programs:
Workshops and Talks on Financial Literacy:
Oasis Credit and CCS organize workshops and seminars that focus on ethical credit usage, effective money management, and improving financial literacy. These sessions cover a wide range of topics, including coping with job transitions, making informed decisions about loans, and planning financial resources for significant life events like weddings. CCS also extends financial literacy presentations to businesses and social sector organizations.
Cents-ible Retirement Programme (CRP):
The CRP is specifically designed to assist individuals aged 50 and above in achieving financial self-sufficiency during their retirement years. The program consists of two modules. The first module helps individuals assess their financial assets, while the second module involves one-on-one financial counseling sessions to develop personalized strategies for maximizing financial resources.
When to Seek Credit Counseling?
If youhave unsecured debt of at least S$10,000, Oasis Credit recommends considering Credit Counselling Singapore’s Debt Management Programme. CCS can directly or indirectly negotiate with your creditors to restructure debt payments based on your ability to pay. Attending CCS’s information sessions and seeking financial counseling are also beneficial steps for individuals seeking financial guidance.
Credit counseling is a valuable resource for individuals struggling with debt or seeking financial guidance. Oasis Credit, in collaboration with Credit Counselling Singapore, provides comprehensive services to assist individuals in managing their unsecured debt and improving their financial literacy. Remember, it’s never too late to organize your finances and embark on a debt-free journey. Seek credit counseling and take the first step towards reclaiming control over your financial future.