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Thread: SG credit card debt is now $5 Billion

  1. #21
    Moderator Octarine's Avatar
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    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. [...]
    - Looking Backward, Edward Bellamy, 19th century author.
    Brilliant economics novel
    I recommend a more comical version: Terry Pratchett "Making Money"
    Good to read the novel "Going Postal" in advance in order to understand the main character better
    EOS

  2. #22
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    Default Re: SG credit card debt is now $5 Billion

    Worst is having many credit cards and drawing on credit on each in turn to pay off the minimum sum of the debt incurred on the others. The amount of debt balloons due to the 24% interest. There is also a minimum charge for non-payment of minimum sum by payment due date. Paying minimum sum only is asking for trouble.
    Last edited by ricohflex; 9th October 2013 at 09:57 PM.

  3. #23

    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.

    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?
    its difficult to isolate individuals risk from institutional risk when the individuals problem form a huge chunk of the institutions risk profile. see what happened to Fannie Mae and Freddy Mac.


    systemic risk from massed individual risks

  4. #24

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    Quote Originally Posted by Shizuma View Post

    its difficult to isolate individuals risk from institutional risk when the individuals problem form a huge chunk of the institutions risk profile. see what happened to Fannie Mae and Freddy Mac.

    systemic risk from massed individual risks
    Retail investors always gets the rawest deal. That doesn't mean it is always a bad deal. One just needs to be smart about it.

    The reverse, loss aversion, is just as lethal.

    “I sympathize with your aversion to losing any gamble, but it is costing you a lot of money. Please consider this question: Are you on your deathbed? Is this the last offer of a small favorable gamble that you will ever consider? Of course, you are unlikely to be offered exactly this gamble again, but you will have many opportunities to consider attractive gambles with stakes that are very small relative to your wealth. You will do yourself a large financial favor if you are able to see each of these gambles as part of a bundle of small gambles and rehearse the mantra that will get you significantly closer to economic rationality: you win a few, you lose a few. The main purpose of the mantra is to control your emotional response when you do lose. If you can trust it to be effective, you should remind yourself of it when deciding whether or not to accept a small risk with positive expected value”

    Excerpt From: Daniel, Kahneman. “Thinking, Fast and Slow.”
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  5. #25
    Senior Member Halfmoon's Avatar
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    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...
    You forget to mention how many LV, Guchi, Channel hand bags do they need..... How many Audi, Merc they drive......

    I think their Marketing did a good job at times....

    But I realized that our education system does not teaches our young the right values like last time.....

    "Spending within your means"...

    "Working hard for your money", most youngsters want easy money... minimum work.... har???

    "Looking and caring for your parent"...... "Remember the hand that feed you".............
    Art is perception; Perception is art.

  6. #26
    Senior Member Halfmoon's Avatar
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    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.
    SG are enslaved..... Earthly attachment will make one too attached to this world....

    and when they are awake... they will realized it was all but a dream........ and when reality bites....

    OUccch!!!!
    Art is perception; Perception is art.

  7. #27
    Senior Member Halfmoon's Avatar
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    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by diver-hloc View Post
    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.
    SG problem will be exposed sooner or later.... we will be like them.... why more unnatural death recently????

    I have been thinking...... why I getting a lot of bank... offering Credit Cards... why they offer... $80 if you save $XX,XXX amt of money???

    Bad debts was the first thing that came to my mind.... plus... now many FT clear their debts when they leave sg...

    Heard of some who buy 3-4 phones and sell and get cash... and the move out of SG....
    Art is perception; Perception is art.

  8. #28
    Senior Member Halfmoon's Avatar
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    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.
    Geylang use cash... they don't do credit... and that's the rule of this trade....

    You can use CC at KTV, nightclubs, etc.... but "others" is always cash....

    Cash is King bro... lol........
    Art is perception; Perception is art.

  9. #29
    Senior Member Halfmoon's Avatar
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    Default Re: SG credit card debt is now $5 Billion

    Quote Originally Posted by keithwee View Post
    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
    I mind my salary not keeping up to inflation....... and my government is not helping much.........
    Art is perception; Perception is art.

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