Good news: 600k + sinkies only pay min sum or never for credit card debts.

lifeafter41 · Nov 23, 2015

hbk75 said:
http://www.tnp.sg/news/singapore-news/more-people-credit-card-debt

That's a problematic figures of 41% of rolling over/paying minimum sum/almost defaulting.
The interest on these cards are 24% and above. That's at least 2% per month.
That's even worse than paying for a mortgage or hire purchase loan.

Maybe the cpf board should consider loaning these people "their" monies and charge them the interest instead, rather then letting the banks make the money.

congo9 · Nov 23, 2015

I think if want to shop. I hop over to Bangkok.

hbk75 · Nov 23, 2015

Cpf is ah ho money. U wanna touch?

DFashionist · Nov 23, 2015

If you have no discipline in spending, you MUST not have a credit card. Always evaluate yourself your capacity and capability.

chootchiew · Nov 23, 2015

Now-comes-the-part-that-we-laugh-ready-GIF

Baris, headsdown ass up, senja tak !

congo9 · Nov 23, 2015

DFashionist said:
If you have no discipline in spending, you MUST not have a credit card. Always evaluate yourself your capacity and capability.

Credit card is only good for redeeming points when you spend.

Cerebral · Nov 23, 2015

Ha1ry Potter said:
Hahaha those STOOPIG Lawyer Letter of Demand are standard templates prepared by part time $1,200 clerk who just copy and paste and mail to you or by their own courier.
i already ignored them for 5yrs.
To the STOOPIG BANKS - EAT YR HEART OUT hahaha

Most people dont know that below 10k cannot sue for bankruptcy. Even total amount is few tens of thousands, court might not want to proceed because too many liao

Cerebral · Nov 23, 2015

johnny333 said:
If the PAP are going to keep increasing rentals, the local businesses are in for a tough time because of the competitiion from US companies like Amazon, iHerb, ebay,....

These companies are offering better selection & prices than the local businesses. I've been getting my socks, underwear, t-shirts, shirts, pants, shoes, phone accesories, electric tooth brush, water irrigator, iPhone, health supplements, groceries, ..... from overseas.

I go for the branded stuff so I'm not a budget shopper. I recently bought a Dyson vac & saved $200+ from getting it locally

I have wanting for iHerb to go on sale :smile:

Cerebral · Nov 23, 2015

yellowarse said:
Agree. I don't shop at local malls anymore: high prices, no diversity, chain stores everywhere selling the same stuff. I do all my shopping online nowadays from books to CDs to DVDs to kitchen appliances to clothes and mobile phones and computer accessories.

Singapore is fucking expensive owing to the govt's land pricing policies, and the retail scene is dominated by big players crowding out small-time shopkeepers who provide more variety and more competitive pricing.

Fyi - recently, i have been buying everything from KL, except supplements where inuse iHerb

garlic · Nov 24, 2015

johnny333 said:
Nowadays I see many stores in Spore selling over priced items. I vote with my $ & avoid these expensive places by buying from online store like Amazon, or visiting stores in JB, KL, LOS, Batam,...

I now don't even bother going out to visit the Spore malls, except to look at items that I intend to buy online for a cheaper price.
I've already made my shopping list for the Black Friday sales in the US

Care to share your list?

Narong Wongwan · Nov 24, 2015

Cerebral said:
Most people dont know that below 10k cannot sue for bankruptcy. Even total amount is few tens of thousands, court might not want to proceed because too many liao

No la up to the court meh?
It's the creditor who decide if it's worth it to pursue due to the legal costs involved.
If amount below $10k can wait for accumulated interests etc to snowball until $10k.....another way is to find other creditors and add amount together and jointly sue.

Cerebral · Nov 24, 2015

Narong Wongwan said:
No la up to the court meh?
It's the creditor who decide if it's worth it to pursue due to the legal costs involved.
If amount below $10k can wait for accumulated interests etc to snowball until $10k.....another way is to find other creditors and add amount together and jointly sue.

When go to court, court can ask you go for arbitration if amount is relatively low.

xebay11 · Nov 24, 2015

Cerebral said:
When go to court, court can ask you go for arbitration if amount is relatively low.

If amount low, the banks won't go to court lah, once they haul you to court, means you are finished, unless you pay.

biondi · Nov 24, 2015

My personal advice is just stick to one credit card and used debit card whenever possible.

Leongsam · Nov 24, 2015

biondi said:
My personal advice is just stick to one credit card and used debit card whenever possible.

Why use a debit card when you can get free credit?

yellowarse · Nov 24, 2015

Leongsam said:
Why use a debit card when you can get free credit?

Precisely. My credit card spending comes to about 80k to 100k annually. I get 21 to 28 days' credit on all my cards. Based on an average interest rate of 1.5% p.a. I get to save about $100 yearly – not much, but why throw good money away? It's about opportunity cost: forego free credit and you forego interest earned.

But for those who can't control their spending, then debit card is the way to go, the cost of using a credit card (snowballing debts) would be higher than the cost of using a debit card (interest forfeited).

Leongsam · Nov 24, 2015

yellowarse said:
But for those who can't control their spending, then debit card is the way to go, the cost of using a credit card (snowballing debts) would be higher than the cost of using a debit card (interest forfeited).

Those who can't control their spending are morons. They should hang themselves or proceed to Bedok reservoir.

no_faith · Nov 24, 2015

Fuck la dont use any card. Cash is king.

Asterix · Nov 25, 2015

Leongsam said:
Those who can't control their spending are morons. They should hang themselves or proceed to Bedok reservoir.

Exactly! Aggregate spending limit on my cards is more USD 100K and yet I never have any problems. It's like free revolving credit. M is for moron, card issued in morning and by afternoon used up limit to buy Mac, first class prostitutes some more and I bet M is also a Mooselim nominally.

[video=youtube;pSPylOeFFhU]https://www.youtube.com/watch?v=pSPylOeFFhU[/video]

singveld · Nov 25, 2015

Leongsam said:
That is why the CPF minimum sum scheme is so important.

The PAP is most certainly the best!

the british invent CPF not PAP.It is a sub par product from pension.

Good news: 600k + sinkies only pay min sum or never for credit card debts.

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