Top Debt Management Plan Companies in 2025

If mounting debt repayments are becoming unmanageable, a Debt Consolidation Plan (DCP) could be a viable solution.

A DCP combines multiple unsecured debts — such as credit card balances and personal loans — into a single loan with a lower interest rate. This structured repayment plan typically spans three to five years, making it easier to clear outstanding balances while reducing overall interest costs.

Offered by banks and financial institutions in Singapore, a DCP comes with terms and fees that vary by provider. In some cases, individuals facing financial difficulties may be eligible for fee waivers or lower interest rates, helping them regain financial stability more effectively.

>> READ: How do debt consolidation plans work in Singapore?

These financial institutions offer some of the best debt consolidation plans in Singapore, helping borrowers streamline repayments and reduce interest costs.

What to know about HSBC Debt Consolidation Plan: HSBC offers one of the lowest interest rates for a Debt Consolidation Plan (DCP) in Singapore, starting from 4.5% p.a. (EIR 8.0% p.a.), with a repayment period of up to 10 years. This extended tenure allows for lower monthly repayments, making it a viable option for those looking to manage their debts effectively. However, the final interest rate offered will depend on factors such as your Credit Bureau report and overall financial profile.

HSBC Debt Consolidation Plan fees and benefits: When refinancing an existing DCP from another bank, HSBC offers up to 5% cashback as an added incentive. Additionally, approved applicants receive an HSBC Visa Platinum Card with a credit limit of 1x their monthly salary to provide some financial flexibility while encouraging responsible spending.

Eligibility for HSBC Debt Consolidation Plan: Like all DCPs in Singapore, this plan is available only to Singapore Citizens and Permanent Residents who meet the income and debt requirements.

What to know about Standard Chartered Debt Consolidation Plan: Standard Chartered offers a flexible monthly instalment plan with interest rates starting from 3.48% p.a. (EIR 6.53% p.a.), making it one of the most competitive DCPs available. Borrowers can select a repayment tenure of up to 7 years, allowing for greater control over their monthly repayment amounts. However, the final interest rate you receive is subject to Standard Chartered’s assessment of your Credit Bureau report and overall financial standing.

Standard Chartered Debt Consolidation Plan fees and benefits: Those refinancing their existing DCP with Standard Chartered can enjoy up to 6% cashback. Additionally, successful applicants will receive a Standard Chartered Platinum Mastercard with a credit limit equivalent to one month’s income, providing added flexibility for daily expenses.

Eligibility for Standard Chartered Debt Consolidation Plan: This plan is available exclusively to Singapore Citizens and Permanent Residents who meet the bank’s income and debt criteria.

What to know about DBS Debt Consolidation Plan: DBS offers a limited-time interest rate of 3.58% p.a. (EIR 6.56% p.a.), allowing borrowers to consolidate multiple debts into a single repayment plan with a flexible tenure of up to 8 years. This can help borrowers manage their finances more effectively by reducing the interest burden and making repayments more structured.

DBS Debt Consolidation Plan fees and benefits: Applicants will be charged a processing fee of S$99, and early repayment comes with a 5% termination fee on the outstanding balance. The plan also includes a DBS Visa Platinum Credit Card with a credit limit equivalent to one month’s income, providing a convenient way to manage daily expenses while ensuring responsible spending.

Eligibility for DBS Debt Consolidation Plan: This plan is available to Singapore Citizens and Permanent Residents aged 21 to 65 years old with an annual income between S$30,000 and S$120,000. Applicants must also have a Balance-to-Income (BTI) ratio of more than 12 times their monthly income to qualify

What to know about Citi Debt Consolidation Plan: Citi’s Debt Consolidation Plan offers a competitive interest rate starting from 3.99% p.a., with an effective interest rate (EIR) varying based on the loan tenure. Unlike many other DCPs, Citi does not charge a processing fee, making it a cost-effective choice for borrowers looking to consolidate multiple unsecured debts into a single repayment plan. Loan tenures range from 3 to 7 years, providing flexibility in managing monthly repayments.

Citi Debt Consolidation Plan fees and benefits: Citi’s DCP includes complimentary protection insurance coverage of up to S$160,000, offering additional financial security. Borrowers will also receive a Citi credit card with a credit limit of 1X their monthly income to help manage daily expenses while staying within their budget. Additionally, for first-time DCP applicants, Citi will approve a loan amount that covers their outstanding balances plus an additional 5% buffer for incidental charges.

Eligibility for Citi Debt Consolidation Plan: This plan is available to Singapore Citizens and Permanent Residents who are 21 years old and above with a minimum annual income of S$30,000. Applicants must also have total outstanding unsecured debts of at least 12 times their monthly income to qualify.

What to know about UOB Debt Consolidation Plan: UOB offers a Debt Consolidation Plan (DCP) with interest rates starting from 4.50% p.a. (EIR 8.22% p.a.) for a loan tenure of up to 8 years. This plan is designed to help borrowers streamline multiple unsecured debts into a single repayment, reducing overall interest costs and making debt management more manageable.

UOB Debt Consolidation Plan fees and benefits: The plan allows for flexible repayment options with both fixed and tiered interest rates depending on the selected tenure. Borrowers will also receive a UOB Visa Platinum Card with a credit limit of 1X their monthly income, providing some cash flow flexibility for essential expenses.

Eligibility for UOB Debt Consolidation Plan: To qualify, applicants must be Singapore Citizens or Permanent Residents aged 21 years and above, with an annual income of S$30,000 to below S$120,000. Additionally, they must have total unsecured debt exceeding 12 times their monthly income at the time of application.

What to know about BOC Debt Consolidation Plan: Bank of China (BOC) offers a Debt Consolidation Plan (DCP) with one of the lowest interest rates in the market, starting from 3.83% p.a. (EIR 7.48% p.a.) and a maximum repayment tenure of 10 years. This allows borrowers to manage their debt with structured and predictable monthly repayments, reducing overall interest costs.

BOC Debt Consolidation Plan fees and benefits: Successful applicants will receive a complimentary BOC Family Card, which has no annual fee for the duration of the loan tenure. The plan also provides fixed monthly repayments for better financial planning and stability.

Eligibility for BOC Debt Consolidation Plan: Applicants must be Singapore Citizens or Permanent Residents aged 25 and above, with an annual income of at least S$30,000. Additionally, total unsecured debts across financial institutions must exceed 12 times the applicant’s monthly income at the time of application.

Not all DCPs are created equal, and the right plan for you will depend on factors like interest rates, loan tenure, and eligibility criteria. Here are some key considerations when selecting a DCP in Singapore:

• Compare interest rates and fees: DCPs offer lower interest rates than standard credit cards or personal loans, but rates can vary between banks. Look for a plan with the most competitive effective interest rate (EIR) and minimal processing fees to keep your repayments affordable. Some banks may also offer cashback incentives when you refinance from another provider.

• Choose the right loan tenure: DCPs typically offer repayment periods between three to 10 years. While a longer tenure reduces monthly instalments, it increases the total interest paid over time. Select a tenure that balances affordability with cost efficiency to avoid paying more than necessary.

• Consider additional benefits: Some DCPs provide extra perks like cashback for refinancing or a low-limit credit card to help manage daily expenses. If flexibility is important, check whether the plan allows early repayment without excessive penalties.

• Understand the long-term impact: While a DCP helps consolidate debt into a single monthly payment, it also comes with restrictions — such as limits on taking new unsecured loans until a portion of the debt is cleared. Ensure that you are comfortable with these terms before committing to a plan.

A DCP can be an effective way to manage and pay off your outstanding debts, but it’s not a one-size-fits-all solution. Before applying, consider whether a DCP aligns with your financial situation and repayment ability. You may benefit from a DCP if you:

• Have multiple unsecured debts: DCPs are designed to consolidate unsecured debt, such as credit card balances and personal loans, into a single loan with lower interest rates. However, secured debts — such as home loans or car loans — are not eligible for consolidation.

• Struggle to keep up with repayments: If you’re only able to make the minimum payment on your debts or have missed multiple payments, a DCP can help streamline your repayment into a single monthly instalment, potentially reducing interest rates and helping you clear your debt faster.

• Have a stable income: To qualify for a DCP in Singapore, you need to be a Singapore Citizen or Permanent Resident with an annual income between S$30,000 and S$120,000. You also need to have unsecured debts exceeding 12 times your monthly income. A steady income is required to show that you can commit to monthly repayments.

• Can’t qualify for other debt repayment options: Other debt management tools, such as balance transfer credit cards, may offer interest-free repayment periods, but these typically require a good credit score for approval. DCPs do not have a credit score requirement, making them a viable option for individuals struggling with debt repayment. 

• Are comfortable with credit restrictions: When you take on a DCP, you’ll generally be required to close all unsecured credit facilities across financial institutions, except for one low-limit credit card for daily expenses. This means you won’t be able to take on new unsecured loans until a significant portion of your DCP is repaid.

If a debt consolidation plan isn’t the right fit for you, there are other ways to pay off debt and regain financial stability. Here are some alternative strategies to consider:

A personal loan can serve as an alternative to a DCP. By taking out a low-interest personal loan, you can consolidate multiple debts into a single fixed repayment. Unlike DCPs, personal loans are more flexible, and you may still be able to use credit facilities while repaying the loan.

However, interest rates for personal loans may be higher than DCPs, depending on your creditworthiness. Ensure the loan's interest rate and tenure make financial sense before committing.

If your current debts carry high interest rates, refinancing them at a lower rate can help ease your repayment burden. One way to do this is through a balance transfer credit card, which offers 0% interest for a limited period. This allows you to focus on paying down your debt without worrying about accumulating interest, making it a useful short-term strategy for debt repayment.

Another approach is to negotiate directly with your lender. Some banks may be willing to offer a lower interest rate or restructure your repayment plan if you communicate your financial difficulties. This could mean extending your loan tenure to reduce monthly repayments or securing a revised interest rate to make the loan more manageable. 

If your debts significantly exceed your income, more drastic measures such as debt restructuring or bankruptcy may be required. While these options should only be considered as a last resort, they can provide a path to financial recovery if you’re unable to meet repayment obligations.