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Nearly 50% of Singaporeans in the past two years unable to repay debts

I refer to The Independent Singapore’s featured news “Nearly 50% of Singaporeans in the past two years unable to repay debts” (Nov 22) and TODAY’s news “Higher credit card spending in 2023 made S'pore households slightly more vulnerable to income, interest rate shocks: MAS” (Nov 27)

It is really sad and mindful to learn about the above-mentioned news.

Anyway, the frugality of life has to be taught, learned and monitored by parents since childhood.

Once you develop the good habit of frugal living, you will naturally know what you should or should not spend and to what extent for spending when you grow up.

Anyway, human desires are infinite and endless, but we must make plans within our capabilities based on our income and financial capabilities.

In today's highly competitive business society and living environment, in order to promote their products and services as much as possible, merchants use various “magic weapons” or sales strategies to lobby, persuade and satisfy their customers' needs and demands.

Therefore, it is very important for us (as a potential buyer or client) to understand exactly what we really want/need and seriously plan a monthly budget for our only necessary expenses.

If we solely stick by this principle and guideline, we will not incur our extra, unplanned and unnecessary expenses in the convenient online or offline credit spending.

In this regard, we will be able to strike a healthy balance between our income’s savings and spending/expenditure.

As a credit card customer or a potential client, we need to bear in mind that besides paying for what our monthly credit spending, we also need to pay for the interest incurred on whatever outstanding debts (if any).

 

Teo Kueh Liang (Mr)

 

 

yyy
READER COMMENTS BELOW

16 Responses to “Nearly 50% of Singaporeans in the past two years unable to repay debts”

  • Reality:

    Reality is debt is incurred when one is out of job for a long time.
    Hard to survive here when the COL is high without a reasonable income.

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  • rice:

    Many times,in more quiet moments, me wonders what was the NET WORTH OF DR GOH and Hon Sui Sen at the time of their passing on?
    Many UNDESERVING LEEder$ must have much much more CONTRIBUTING peanuts as compared to Dr Goh!
    I felt infuriated at the thought.

    Even the likes of Lim Kim San worth hundred or more millions of dollar$ at timr of passing???
    WHY?

    Now, respected investor, Charlie Munger was not worth much too,just USD 2.6 BILLION compared to his 50-year collaborator ,Warren Buffett who is worth USD 120B .
    WHY?

    The likes of Dr Goh and Charlie Munger value “WORK” and CONTRIBUTION TO SOCIETY much more than KING $.
    We remember good humans like them.
    RIP,Charlie.

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  • opposition dude:

    Easier said than done though. People always think they can cover their debts so do not have a backup plan should they not have enough to pay it off. People love buying new stuff online, expensive $1500 phones, cars (increaee in COE quota tells you so), revenge tourism and so on.

    Impatience is another thing. Die die must get the new item asap, wait a few months like can die like that. Save up and pay off the item in one go is better than paying in installments + interest anytime.

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  • Heed:

    When your outflow exceeds your income, your upkeep becomes your downfall
    -Jim Rohn

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  • If anyone goes to an MPS, the MP would say “got meh, where got?” lol

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  • Many new poor:

    Our high COL and poor social support system has create many new poor.
    If everybody is doing well,no need so many peanuts scheme to help them.
    Bad Policy…Government Rich ,people asset rich ,cash poor.

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  • rice:

    $IN CITY IS AGAIN THE MO$T EXPEN$IVE CITY IN THE WORLD;maybe the most expensive COUNTRY!

    NYK N GENEVA SHARE 3RD PLACING.
    $IN CITY GOVT CANNOT DENY PUBLIC OPINIONS ABOUT HIGH COL anymore!
    All the bull$hits ,they can swallow back.

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  • Singaporean R Free Rider:

    opposition dude:
    Easier said than done though. People always think they can cover their debts so do not have a backup plan should they not have enough to pay it off. People love buying new stuff online, expensive $1500 phones, cars (increaee in COE quota tells you so), revenge tourism and so on.

    Impatience is another thing. Die die must get the new item asap, wait a few months like can die like that. Save up and pay off the item in one go is better than paying in installments + interest anytime.

    Well said.

    This is so well said. Keeping up the Jones.

    At last, someone close to the ground knows what is happening.

    It is NOT PAP fault at all if these people do not know how to plan.

    Go watch CNA produced Homeless in Singapore to find out why some Singaporeans are homeless. Conclusion, they choose it, so blame no one else.

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  • Harder Truths:

    TRE Tech:
    If anyone goes to an MPS, the MP would say “got meh, where got?” lol

    My own experiences with those fat fools – ‘Cannot’. No ‘I am not aware’ or ‘I will have a look’ or even ‘sorry’. Just ‘Cannot …Next’

    The 50% deserve what they get. Let them sell their a** in Desker Road. Karma is a b*tch.

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  • Harder Truths:

    Many new poor:
    Our high COL and poor social support system has create many new poor.
    If everybody is doing well,no need so many peanuts scheme to help them.
    Bad Policy…Government Rich ,people asset rich ,cash poor.

    Poor social support system? This is the way the Dead Despot set up $inkieland. Only the fittest will survive, be it citizens or FT. The weak are unworthy. Social support systems help those who do not deserve help. Therefore they are a waste of resources (that the Regime can use for their own benefit).

    Whose fault is that?

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  • Sporeans Keep Govt Employed:

    some homeless because of business failure.

    Singaporean R Free Rider: Well said.

    This is so well said. Keeping up the Jones.

    At last, someone close to the ground knows what is happening.

    It is NOT PAP fault at all if these people do not know how to plan.

    Go watch CNA produced Homeless in Singapore to find out why some Singaporeans are homeless. Conclusion, they choose it, so blame no one else.

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  • rice:

    What can $100B do for needy and elderly Sg Citizens in sustainable manner?
    Quite alot.
    But sgs’ haedearned reserves of $100 B was taken out and $quandered not on needy and elderly but on less deserving highly salaried persons including many FTs,some were transfered here just when Covid Budget was dished out???
    These INTRA-COMPANY FT-transferees may not even pay income tax yet!

    What kind of PUBLIC POLICY is this?
    What is the benefit for many needy and deserving sgs? $600 out of a claimed $23.5K per capita grant from sgs’ own reserves of $100B.

    Amd,WTF do leaders and oppo leader care?

    Screw them all!

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  • Observer:

    Inflation gives debtors a better chance to start over, and gives young people better path to own property.

    But cash-rich people prefer strong currencies to preserve wealth.

    But social security spending weakens fiat currencies. Life expectancy was miscalculated due to infant mortality, WW1 and WW2.

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  • What to expect?:

    What to expect with the ever increasing COL here ?
    Worse for those out of job.

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  • I was looking at the stats for China and someone mentioned that out of the 1.5b residents, about 1/2 have defaulted in some form of repayment.

    The Covid-19 was mainly responsible for this mess.

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  • TRex:

    rice:
    $IN CITY IS AGAIN THE MO$T EXPEN$IVE CITY IN THE WORLD;maybe the most expensive COUNTRY!

    NYK N GENEVA SHARE 3RD PLACING.
    $IN CITY GOVT CANNOT DENY PUBLIC OPINIONS ABOUT HIGH COL anymore!
    All the bull$hits ,they can swallow back.

    There are countries that are safe and cheap. Safety in Singapore is overrated.

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