$3.3B Rollover Credit Card Debt in Peesai & Growing FAST!

[Ah Guan]

In 2 years, Lily Lim, Genevieve Lee & Lawrence Wong (not their real names) can visit the 2 casinos first before going to the CCS.

 

[rainnix]

From next year onwards, they can sell their organs!
If the debt is too big, they can opt for euthanasia. Khaw Boon Wan have already thought it out for us.

 

[zhihau]

That's your formula.
Their formula is:
Expenditure = Present value of projected future income assuming a 5% increase per year.

i must admit they are very optimistic

 

[zhihau]

From next year onwards, they can sell their organs!
If the debt is too big, they can opt for euthanasia. Khaw Boon Wan have already thought it out for us.

i cringe at the thought of organs for sale. :(

 

[peasantJUDGE]

i cringe at the thought of organs for sale. :(

They have been selling organs in Geylang for 40 years. The thing is, you cant bring home those organs, you just pay rental of between $50 to $200 for an hour's use. LOL.

 

[Ah Guan]

They have been selling organs in Geylang for 40 years. The thing is, you cant bring home those organs, you just pay rental of between $50 to $200 for an hour's use. LOL.

Yamaha also sell organs for decades liao

 

[zhihau]

They have been selling organs in Geylang for 40 years. The thing is, you cant bring home those organs, you just pay rental of between $50 to $200 for an hour's use. LOL.

bro,

that one is rental lah... different

but imagine those poor folks selling their kidneys and liver... or even parts of their lungs... i mean they are very compassionate to share their organs, but the idea of it all when you link it to money, it's really... :(

 

[2lanu]

Saw the news on TV last night. The scum still say it is managable. Izzit so? Hmmm

 

[_AXL_]

strategy of fear - practised for decades. whenever the rulers feel threatened, such news come out. funny. never hear anything in july or august that people have overspent by so much!!! suddenly, it becomes an issue here that people r spending more than they can make.

these group of people will be eternally grateful to whoever comes in now to help them to escape bankruptcy. no prizes guessing who will come in now to stop the FIs from pushing the debtors too hard.

it is a threat, but i fear it is a valid threat. i pity those people who put themselves into those situation. they might very well get help now, and then if they vote for any other party during the next elections, they will find themselves devoid of all previous help suddenly.

 

[2lanu]

A quick compute of 3.3B @ 24% will generate $792m. Wow that huge profit for CC issuer.

 

[_AXL_]

A quick compute of 3.3B @ 24% will generate $792m. Wow that huge profit for CC issuer.

effective interest rate of credit cards is not 24%, it is 36.05% (2% compounded monthly).

 

[2lanu]

So that make the interest% goes up to $1B. Wow...

 

[_AXL_]

So that make the interest% goes up to $1B. Wow...

makes one bemoan why we r not working for such companies, ya?

 

[BlueCat]

dun forget there are a lot of defaulters.

 

[_AXL_]

dun forget there are a lot of defaulters.

they still make money if 1 out of 4 defaults.

singapore default rates never above 10%.

 

[singveld]

These people should go into the zoo and fight with white tiger using their bare hands. I am sure they can win, since they sign so many signature.

 

[numero uno]

The most expensive way to borrow money is to rollover your credit cards outstanding/debts.



The issue is- what are the authorities doing about this?
Isn't it part of the responsibility of the government to educate its citizen about things like that-and if education does not work to put in measures like say a 30% miniumum repayment of credit card outstanding a month.

.......

I really do not understand your immature stupid logic. Why is it every time something goes wrong, govt must do something or be responsible?????are we talking of adults or are we talking or moronic children here who cow beh cow bu. Crap logic. get real. the majority of people who bought the lehman bros trash got themselves to be blame that's ALL. they were educated people who hunger for the higher interests and were greedy and it's a good wake up call that not everything in life is rosy like what the shitty times/newspapers/TV always said about property and stocks market last year.
Bankers and fund managers are in my opinion the worst type of crooks. The recent recession is a wonderful thing and I really mean it as it would give a good slap in the face for all these idiots who were very arrogant last years talking about buying BMWs, LVs, rolexes, houses and when you read them in the papers they are only in their 20-30s and you wonder where they get all the money. alot of them do not do any real work and contribute very little value to society in relation to their high pay eg bankers.
Served these idiots right now as they are retrenched/saddled with huge debts. why should govt bail them out all these credit card defaulters. They are the scums similar than loan shark victims who borrow from them with no collaterral and later complain to police about harassment(which they deserved it). These are the worst type of scums. No wonder they called us a nanny state.

 

[myo539]

Seen from another perspective. it is good. It means Singaporeans are spending. SM Goh will be very happy that the economy is kept going.

 

[zhihau]

Seen from another perspective. it is good. It means Singaporeans are spending. SM Goh will be very happy that the economy is kept going.

you're right, and SM Goh would be very worried if no one got retrenched in Singapore...

 

[angie II]

Why don't the parents edcuate the children?
Why do they need to rely on the government for everything?

becuz the parents of these parents did not send them for education