The fake wealth of Singaporeans

Leepotism · Apr 21, 2014

More people missed payments on credit cards last year, says Credit Bureau

A larger number of people in Singapore missed payments on their credit card bills last year as average card balances increased across all age groups, Credit Bureau Singapore (CBS) said on Monday.

File photo of credit cards (AFP/Damien Meyer)

SINGAPORE: A larger number of people in Singapore missed payments on their credit card bills last year as average card balances increased across all age groups, Credit Bureau Singapore (CBS) said on Monday.

CBS is a joint venture between the Association of Banks in Singapore and DBIC Holdings.

CBS' role is to provide information to banks and other financial services firm to help them strengthen their risk assessment capabilities.

According to CBS, 14.64 per cent of consumers missed at least one payment on their credit card accounts last year, up from 13.54 per cent in 2012. The figure was 12.55 per cent in 2011.

CBS also said average balance increased across all age groups, with men and women aged between 45 and 49 topping the spending chart with an average monthly balance of S$6,577 on all their credit cards.

The average balance per consumer was S$5,304 last year - a rise of 4.17 per cent over 2012.

The average balance refers to the amount spent on credit cards plus rollovers and financial charges.

Leepotism · Apr 21, 2014

One of the reasons why illegal money lenders thrive in this debt ridden sinkapoor.

laksaboy · Apr 21, 2014

Leepotism said:
One of the reasons why illegal money lenders thrive in this debt ridden sinkapoor.

The money lender shops (and pawnshops) thrive because the PAP govt allows it to be so.

It's also due to the casino. You can tell the difference before and after the first casino had opened its door for business. Before and after 2010.

Yingge · Apr 21, 2014

Report by shit time... Why we believe??? :biggrin:

All this number from PAP... Why this time you guys believe? :confused:

Leepotism · Apr 21, 2014

laksaboy said:
The money lender shops (and pawnshops) thrive because the PAP govt allows it to be so.

It's also due to the casino. You can tell the difference before and after the first casino had opened its door for business. Before and after 2010.

It's you die your business as usual so long as the white skunks are always laughing all the way to the banks.

laksaboy · Apr 21, 2014

Yingge said:
Report by shit time... Why we believe???

All this number from PAP... Why this time you guys believe?

The article was from CNA... if you had even bothered to check the link of the article's stock photo you would have known. :rolleyes:

I will give you an infraction for your blatant stupidity. You need to put in more effort to better astroturf for the PAP. Thank you.

scroobal · Apr 21, 2014

Go to any bus stop and you will find at least one affixed paper for legal money lending let alone illegal money lending.

Leongsam · Apr 21, 2014

Yingge said:
Report by shit time... Why we believe???

All this number from PAP... Why this time you guys believe?

Well said. When the ST reports some negative news, everyone jumps on the bandwagon and blames the government.

However, when the MSM contains an upbeat report on how well the country is doing, it's labelled as propaganda and is written off as a pack of lies and distortions.

I have added to your points. Keep up the good work.

Yingge · Apr 21, 2014

laksaboy said:
The article was from CNA... if you had even bothered to check the link of the article's stock photo you would have known.

I will give you an infraction for your blatant stupidity. You need to put in more effort to better astroturf for the PAP. Thank you.

This report is from CBS, just visit their web-site. Please see below...

The setting up of a consumer credit bureau in Singapore is a significant addition to enhance the Republic´s risk management capability. Since 2002, the Banking Act has allowed CBS members to disclose and obtain credit-related information to mitigate consumer credit risk through information pooling from CBS. The Monetary Authority of Singapore (MAS) provides the regulatory guidance and support to CBS to bolster the integrity and transparency of Singapore´s financial sector.

Supported by MAS you guys believe???

I do not know what the the fuck you send love letter to me... I not interested about it...

sochi2014 · Apr 21, 2014

Living from hand to mouth. And in debt too poor Singaporeans.

Yingge · Apr 21, 2014

sochi2014 said:
Living from hand to mouth. And in debt too poor Singaporeans.

I am a Singaporean and not in this situation... You currently living hand to mouth???

If not this report must be a fade report by MAS... :biggrin:

sleaguepunter · Apr 21, 2014

i use credit card to pay monthly bills, ie telco, insurance premium, utlities etc etc...

then month end giro to pay credit card bill.

if anybody get into finanical difficulties due to credit card, it their own fault.

Narong Wongwan · Apr 21, 2014

Many sinkies staying in private and driving nice cars are all drowning in loans.
Lose job or get pay cut means deep shit already.

Yingge · Apr 21, 2014

Narong Wongwan said:
Many sinkies staying in private and driving nice cars are all drowning in loans.
Lose job or get pay cut means deep shit already.

Who to blame??? PAP??? :eek:

bakkuttay · Apr 21, 2014

Yingge said:
I am a Singaporean and not in this situation... You currently living hand to mouth???

If not this report must be a fade report by MAS...

How come dumbfark sammy did not correct your fade to fake. Must be a retard now. Hahaha...

sleaguepunter · Apr 21, 2014

Yingge said:
Who to blame??? PAP???

in a way, partly it pap fault.

why never curb spending? limpeh not going to bail out any freeloaders who over stretch their credits.

i doubt citizens are still savers compare to the past. many ppl dun even have $1000 in their posb/dbs account.

Yingge · Apr 21, 2014

bakkuttay said:
How come dumbfark sammy did not correct your fade to fake. Must be a retard now. Hahaha...

Sorry... English very bad... Should I like sam need to thank PAP that with such a lousy english still can make it? At lease better than a lot of foreigners??? :biggrin:

Nah... I not a PAP support... :rolleyes:

chonburifc · Apr 21, 2014

sleaguepunter said:
in a way, partly it pap fault.

why never curb spending? limpeh not going to bail out any freeloaders who over stretch their credits.

i doubt citizens are still savers compare to the past. many ppl dun even have $1000 in their posb/dbs account.

What is the monthly minimum repayment for credit cards? Is it 3% or 5%? The low minimum monthly repayment is the main cause why credit card debts ballooned.

Quite surprise also to see sinkees so generous to pay interest for an average credit card debt of 6.5K! This is better than Ah Long/Legal Money Lender! Don't even need to hire runner. Just print statement and send out can liaoz.

jw5 · Apr 21, 2014

They should simply remember to exclude the value of the property used for accomodation when they calculate net worth.

extramarital · Apr 22, 2014

Leongsam said:
Well said. When the ST reports some negative news, everyone jumps on the bandwagon and blames the government.

However, when the MSM contains an upbeat report on how well the country is doing, it's labelled as propaganda and is written off as a pack of lies and distortions.

I have added to your points. Keep up the good work.

Even financial difficulties, like unable to pay their credit cards on time due to their lack of self-discipline in their spending, are blamed on the government.

The fake wealth of Singaporeans

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