Page 1 of 2 12 LastLast
Results 1 to 20 of 29

Thread: SG credit card debt is now $5 Billion

  1. #1
    Senior Member
    Join Date
    Feb 2005
    Location
    sing
    Posts
    3,353

    Default SG credit card debt is now $5 Billion

    Too many new cameras and lenses to buy. Too many credit cards. Too hard to keep up with the Joneses.


    graphic credit: allieddebtconsolidationloans.com


  2. #2
    Moderator diver-hloc's Avatar
    Join Date
    Apr 2007
    Location
    Somewhere North
    Posts
    5,201

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by ricohflex View Post
    Too many new cameras and lenses to buy. Too many credit cards. Too hard to keep up with the Joneses.

    And yet... like Moth to a Flame... S'porean still dream of buying a Car, a Condo... and a lifestyle that is unrealistic...

    Scuba & Father... For Life

  3. #3
    Senior Member
    Join Date
    Feb 2005
    Location
    sing
    Posts
    3,353

    Default Re: SG credit card debt is now $5 Billion

    In the CNA program Talking Point, it was revealed that some people get into seriously high amount of credit card debt due to:

    (surprise!) ----

    • excessive number of expensive overseas tours. Perhaps due to so-called "travel now, pay later" inducements.

    • expensive meals a.k.a. fine dining or regular outings at lavish high end restaurants.
    Last edited by ricohflex; 7th October 2013 at 11:50 PM.

  4. #4
    Senior Member Sion's Avatar
    Join Date
    Jan 2004
    Location
    新天地
    Posts
    4,768

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by diver-hloc View Post
    And yet... like Moth to a Flame... S'porean still dream of buying a Car, a Condo... and a lifestyle that is unrealistic...
    That is the incentive to dirve us to work harder and longer.

    Without the "unrealistic lifestyle" Singapore would not be what it is today.

    "First you dream big and later spend big" - Miyagi San.

  5. #5

    Default

    Quote Originally Posted by Sion View Post

    That is the incentive to dirve us to work harder and longer.

    Without the "unrealistic lifestyle" Singapore would not be what it is today.

    "First you dream big and later spend big" - Miyagi San.
    That's why i OT a lot at Starbucks

  6. #6
    Moderator diver-hloc's Avatar
    Join Date
    Apr 2007
    Location
    Somewhere North
    Posts
    5,201

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by Sion View Post
    That is the incentive to dirve us to work harder and longer.

    Without the "unrealistic lifestyle" Singapore would not be what it is today.

    "First you dream big and later spend big" - Miyagi San.

    While I do know that Consumerism is what kept small economy like us going... the long term problem has already been seen in the Western Nations... skyrocket personal debt, foreclosure, bankruptcy, Govt debts... etc.

    Which returns to why alot of S'porean KPKB everyday about being stress.... its like a dog chasing its own tail.... never ending.

    I wish to free myself from this cycle... spend well within my means... take up no debts unless totally necessary.. example, Housing. I don't want to end up over spending on things like Condo, Cars, Branded items and feel stress about my CC debt every month... then when over stressed... have to join the 'Blame Everything on P*P' gang... to make myself feel better and that its 'Not' my fault...

    Scuba & Father... For Life

  7. #7
    Moderator Octarine's Avatar
    Join Date
    Jan 2008
    Location
    Pasir Ris
    Posts
    12,392

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by diver-hloc View Post
    I wish to free myself from this cycle... spend well within my means... take up no debts unless totally necessary.. example, Housing. I don't want to end up over spending on things like Condo, Cars, Branded items and feel stress about my CC debt every month... then when over stressed... have to join the 'Blame Everything on P*P' gang... to make myself feel better and that its 'Not' my fault...
    You are quite bad for the economy
    EOS

  8. #8
    Moderator diver-hloc's Avatar
    Join Date
    Apr 2007
    Location
    Somewhere North
    Posts
    5,201

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by Octarine View Post
    You are quite bad for the economy

    But good for my own relatively stress free life....

    Scuba & Father... For Life

  9. #9
    Senior Member Sion's Avatar
    Join Date
    Jan 2004
    Location
    新天地
    Posts
    4,768

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by Octarine View Post
    You are quite bad for the economy
    There is one place of entertainment credit cards are bad for: Geylang establishments

    Wives will check the details of Visa or American Express expenses.

    If not of that our national credit card debt will be now $8 Billions instead of 5.

  10. #10
    Senior Member
    Join Date
    Feb 2005
    Location
    sing
    Posts
    3,353

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by Sion View Post
    There is one place of entertainment credit cards are bad for: Geylang establishments
    Geylang brothels don't take credit cards. But Sion has a valid point. Governments report how much tourists spent (say in 2012) when they visit a particular place. That is the tip of the iceberg. Certainly, for places like Dong Guan, Chang Ping, Bangkok, Pattaya, etc the reported figures spent by tourists is much less than actual. Singapore has Geylang and Orchard Towers.
    Last edited by ricohflex; 8th October 2013 at 08:10 PM.

  11. #11
    Moderator keithwee's Avatar
    Join Date
    Aug 2010
    Location
    LittleRedDot
    Posts
    7,890

    Default

    Quote Originally Posted by ricohflex View Post
    In the CNA program Talking Point, it was revealed that some people get into seriously high amount of credit card debt due to: (surprise!) ---- • excessive number of expensive overseas tours. Perhaps due to so-called "travel now, pay later" inducements. • expensive meals a.k.a. fine dining or regular outings at lavish high end restaurants.
    I heard ST just released a survey today saying SG-reans generally don't mind the price increase in food / eating out hahaha.

    Go ST'sFB and have a look

  12. #12

    Default Re: SG credit card debt is now $5 Billion

    wait for 10 billion.
    Eat breath LIVERPOOL!!!

  13. #13
    Moderator Octarine's Avatar
    Join Date
    Jan 2008
    Location
    Pasir Ris
    Posts
    12,392

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by Sion View Post
    There is one place of entertainment credit cards are bad for: Geylang establishments
    Wives will check the details of Visa or American Express expenses.
    If not of that our national credit card debt will be now $8 Billions instead of 5.
    Go paperless, subscribe to electronic statements. And keep the user credentials
    Who needs all that paper in the letter box?
    EOS

  14. #14

    Default

    Quote Originally Posted by Octarine View Post
    Go paperless, subscribe to electronic statements. And keep the user credentials
    Who needs all that paper in the letter box?
    I don't even bother with my e-statements and sometimes forget to pay my bills.

    I guess there needs to be discipline on my end to check them regularly

  15. #15

    Default

    Forget to pay bills = many more hours of OT at Starbucks
    Canon 30D, G11, 50 f1.8II, 10-22 f3.5-4.5, 24-70 f2.8L, 70-200 f2.8L IS, EX580II

  16. #16
    Moderator diver-hloc's Avatar
    Join Date
    Apr 2007
    Location
    Somewhere North
    Posts
    5,201

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by kei1309 View Post
    I don't even bother with my e-statements and sometimes forget to pay my bills.

    I guess there needs to be discipline on my end to check them regularly

    Mmm... bad habit... Do take care about your bills... No worthwhile at all to pay the Bank anything more than necessary...

    Scuba & Father... For Life

  17. #17

    Default Re: SG credit card debt is now $5 Billion

    the best way not to spend $ you don't have is ...just don't.

    So many Credit Card promoters come after me ask me if i want.

    Here is what i tell them


    "A cause, also inherent in your system, which often produced and always terribly aggravated crises, was the machinery of money and credit.

    Money was essential when production was in many private hands, and buying and selling was necessary to secure what one wanted.

    It was, however, open to the obvious objection of substituting for food, clothing, and other things a merely conventional representative of them.

    The confusion of mind which this favored, between goods and their representative, led the way to the credit system and its prodigious illusions. Already accustomed to accept money for commodities, the people next accepted promises for money, and ceased to look at all behind the representative for the thing represented. Money was a sign of real commodities, but credit was but the sign of a sign.

    There was a natural limit to gold and silver, that is, money proper, but none to credit, and the result was that the volume of credit, that is, the promises of money, ceased to bear any ascertainable proportion to the money, still less to the commodities, actually in existence. Under such a system, frequent and periodical crises were necessitated by a law as absolute as that which brings to the ground a structure overhanging its centre of gravity.

    It was one of your fictions that the government and the banks authorized by it alone issued money; but everybody who gave a dollar's credit issued money to that extent, which was as good as any to swell the circulation till the next crises. "

    - Looking Backward, Edward Bellamy, 19th century author.

    Brilliant economics novel
    宁愿遇见丢失幼崽的母熊,也不愿碰上做蠢事的愚人

  18. #18

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by Shizuma View Post
    the best way not to spend $ you don't have is ...just don't.

    So many Credit Card promoters come after me ask me if i want.

    Here is what i tell them

    ...
    ...
    So long ah.. I just tell them to buzz off

  19. #19

    Default

    I recall Shizuma not being a fan of credit.

    I think credit is important and essential for business. Life will be fairly lackluster without it, and many brilliant ideas will probably not see the light of day without debt funding.

    For the individual who wishes to tap on debt for consumption reasons, and thereafter over-lever, who is to stop them? Once they are in financial ruin, that would be the best time to pick up distress assets, no?
    KF Photography
    Thanks for viewing!

  20. #20
    Senior Member Sion's Avatar
    Join Date
    Jan 2004
    Location
    新天地
    Posts
    4,768

    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by Blur Shadow View Post
    I recall Shizuma not being a fan of credit.
    She is a fan of barter.

    She gives you neck massage and you give her food.

Page 1 of 2 12 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •