Connect with us

Bitcoin

Reasons Why Shouldn’t Use A Personal Loan To Pay Off Your Credit Card Debt

Published

on

Many people in Singapore hold multiple credit cards at the same time as each card has its own unique benefits. Under such circumstances, people can potentially fall into a debt trap as he/she owes money to several creditors. There are multiple payments and due dates to keep track of, and the non-stop reminders about unsettled balance only adds to the tension. As you fall behind the due dates of making the payments, your debts will only become larger. One of the way out from this debt trap is having a personal loan known as Debt Management Plan or DCP.

DCP was introduced by Association of Banks in Singapore (ABS) in the early part of 2017 for all Singapore nationals and Permanent Residents who are facing difficulty in settling their debts. DCP is a type of personal loan where you can borrow a lump sum amount to pay off all your current debts right away. However, you can take the help of a DCP only for unsecured credit facilities such as personal loans, credit cards and other credit lines. Let us take a look at some of the benefits and drawbacks of a Debt Settlement Plan:

Benefits

  • You only have to make a single payment per month as a DCP consolidates all your debts into a single debt. This will help you save your energy and time and cutting the stress of missing a payment, as you no longer have to keep track of all the different creditors.
  • Lower interest rates with a DCP makes it easier to pay off all your debts and actually make visible progress.
  • When a DCP is managed well, you have a better chance of saving some money instead of spending your whole monthly earnings on paying bills.

Drawbacks

  • The biggest drawback of DCP is the potential of getting into more debt. People who are not careful about their expenses and have a habit of gambling are prone to get themselves further into debt.
  • Even with low interest rates, you may take longer to pay back your debt with DCP. In the long run, this will lead to more interest payment. To avoid this, you must concentrate on paying off your debt as early as possible.
  • If you fail to make timely payments, fines and interests will be imposed, which will only enhance your burdens.

If you choose to transfer your DCP to other banks, you will have to do it three months after your DCP is sanctioned. You will be subject to penalty fees which the original bank may charge for early termination or transferring your DCP. Since a long commitment is required with a DCP, you should do your research extensively before applying for a plan.

Once you have taken a Debt Settlement Plan, all your prevailing credit cards and unsecured debts are adjourned. You will be offered a revolving credit equivalent to your one month’s salary. You will not be eligible to apply for any new unsecured cards during the time your DCP is active, unless you have repaid a part of your debt.

Eligibility criteria

To be eligible for a DCP, you must be a Singaporean or a Permanent Resident. You must have personal assets worth less than S$2 million or your earnings should be in the range of S$20,000 and S$120,000 a year. Your consolidated unsecured debts must exceed by over 12 times your monthly income.

Fees associated with a Debt Management Plan

There are a few banks in Singapore that charge a fixed processing fee while the others charge up to 3% of the sanctioned loan amount. You should opt for a personal loan to finance your crises if you can wait for a few days. Personal loans are better than cash advance because of fixed monthly payments and low interest rates.

A Debt Settlement Plan will help you pay lower monthly sum with low interest rates. As a result, it will help you focus on a single contribution every month and have less financial strain. A personal loan in the form of a Debt Management Plan will help you negotiate with your creditors for removal of penalties to make your loan amount lower.

google news

Bitcoin

AscendEX Lists REVV Token

Published

on

AscendEX Lists REVV Token

AscendEX is thrilled to announce the Listing of the REVV Token (REVV) under the trading pair REVV/USDT on AscendEX starting on Dec 8 at 2 p.m. UTC.

REVV is a digital currency gaming platform focusing on racing games and allows for in-game purchases using their native Token REVV. REVV is designed for true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games. Specifically, it is designed to have titles and NFT items interoperable with each other and other metaverses. Increasing the overall utility over these items would lead to corresponding network effects across the games and the REVV ecosystem. This should in turn enhance the value and support the trading of these items and underlying trading of the REVV token overtime. As the token demand is driven not just by speculation but underlying utility.

The REVV token is designed to encourage true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games in the REVV Motorsport ecosystem include F1 Delta Time, MotoGP Ignition, and the upcoming titles Formula E: High Voltage and REVV Racing.

REVV is the ERC-20 utility token as the primary currency of purchase, utility, and action across all REVV Motorsport blockchain games by Animoca Brands. The REVV token is a fungible cryptographic token on the Ethereum blockchain. A fungible token is an asset that is interchangeable with tokens of the same type, so that one REVV token always has the same value and properties as any other single REVV token. REVV is the main utility token and in-game currency of the branded motorsports games produced by Animoca Brands, including F1 ® Delta Time, an upcoming title based on MotoGP intellectual property, and a third title to be announced soon. REVV is being leveraged as a cross-title utility, and the driving force behind the Play-to-Earn model.

The REVV Token supports contract operators to provide approval-free REVV tokens transfers throughout the company’s contract ecosystem. This also brings out the potential for frictionless native meta-transactions: the ability to push transactions on the blockchain using REVV as the payment token for the gas, without requiring the native ETH token at all.

AscendEX is thrilled to support the GameFi ecosystem by listing tokens like REVV.

About AscendEX

AscendEX is a global cryptocurrency exchange with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions.

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage.

To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

For more information and updates, please visit:

Website: https://ascendex.com 

Twitter: https://twitter.com/AscendEX_Global 

Telegram: https://t.me/AscendEXEnglish 

Medium: https://medium.com/ascendex 

About REVV

REVV is a utility token that serves as the primary currency of purchase, utility, and action across all REVV Motorsport blockchain games by Animoca Brands. REVV is designed to allow for true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games.

For more information and updates, please visit:

Website: https://revvmotorsport.com/ 

Twitter: https://twitter.com/REVV_Token    

Telegram: https://t.me/REVVCommunity 

Discord: https://discord.gg/sCn3nru 

Disclaimer: This is a paid Press Release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

google news
Continue Reading

Bitcoin

Ethereum Remains Supported, What Could Spark Fresh Rally

Published

on

Ethereum

Ethereum traded above $4,400 before correcting lower against the US Dollar. ETH must stay above $4,150 to start a fresh increase in the near term.

  • Ethereum started a fresh upward move above the $4,200 and $4,250 resistance levels.
  • The price is now trading above $4,200 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $4,310 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if it stays above $4,200 and the 100 hourly SMA.

Ethereum Price Remains Supported

Ethereum gained pace above the $4,000 and $4,150 resistance levels. ETH even broke the $4,250 level and settled well above the 100 hourly simple moving average.

The price climbed above $4,400 and traded as high as $4,426. It is now correcting gains and traded below the $4,350 level. Ether price declined below the 23.6% Fib retracement level of the recent increase from the $3,901 swing low to $4,426 high.

However, the bulls were active near the $4,250 level and the 100 hourly simple moving average. It is now rising and trading above $4,300.

There was a break above a key contracting triangle with resistance near $4,310 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,350 level. The first major resistance is near the $4,400 level. The next major hurdle is near the $4,520 level.

Source: ETHUSD on TradingView.com

A clear move above the $4,420 could send the price further higher. In the stated case, the price could drift towards the $4,550 level in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,350 level, it could extend its downside correction. An initial support on the downside is near the $4,300 level. The key support is now forming near the $4,250 level and the 100 hourly simple moving average.

If there is a clear break below the $4,250 support, the price could extend losses. The next major breakdown support is $4,150 or the 50% Fib retracement level of the recent increase from the $3,901 swing low to $4,426 high, below which the price could decline towards $4,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,250

Major Resistance Level – $4,400

google news
Continue Reading

Bitcoin

TA: Bitcoin Consolidates Gains, Why Dips Could Be Limited Below $50K

Published

on

Bitcoin

Bitcoin extended its recovery above $51,000 against the US Dollar. BTC must remain stable above $49,500 to continue higher in the near term.

  • Bitcoin started a recovery wave above the $50,500 resistance zone.
  • The price is now trading above $50,000 and the 100 hourly simple moving average.
  • There was a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it is above the $49,500 level.

Bitcoin Price Loses Steam

Bitcoin price extended its recovery wave above the $50,000 resistance zone. BTC even climbed back above the $50,500 and $51,200 resistance levels.

However, the price failed to surpass the $52,000 resistance zone. A high was formed near $51,955 and the price is now correcting gains. There was a break below the $51,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high.

There was also a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair. The pair is now trading above $50,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $51,000 level. The next major resistance is near the $51,800 level. A clear break above the $51,080 resistance zone could open the doors for more upsides. The next key resistance is near the $52,000 level, above which the price could rise further. In the stated case, the price could rise towards the $53,500 level.

More Losses In BTC?

If bitcoin fails to clear the $51,800 resistance zone, it could continue to move down. An immediate support on the downside is near the $50,000 level.

The first major support is now forming near the $49,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high. A downside break below the $49,500 support may perhaps increase selling pressure. The next stop for the bears might be $48,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $50,000, followed by $49,500.

Major Resistance Levels – $51,800, $52,000 and $53,500.

google news
Continue Reading

Trending