BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah....

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

BTW, go ahead and test the stories' theory that your 'rich' buddy will not help. Just go and ask them for help....hahahhaha

Hope you people post their reactions here for all to see.

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

ahleebabasingaporethief said:

1. 80% of S'poreans have less than $20K in their savings.

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Small wonder most sinkies talk like losers. They ARE losers.

It also explains why they have to kiss LKY's ass no matter how he treats his subjects.

I often spend 20k per week and I can carry on spending at that rate for a long time to come.

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

Leongsam said:

I often spend 20k per week and I can carry on spending at that rate for a long time to come.

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Is clinton666 your other nick?

.

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

Leongsam said:

Small wonder most sinkies talk like losers. They ARE losers.

It also explains why they have to kiss LKY's ass no matter how he treats his subjects.

I often spend 20k per week and I can carry on spending at that rate for a long time to come.

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There are a few people like you in Sinkies; they thought their wealth could last a long time to come but they are now homeless and unwanted by their families.
Sam be careful with your words and deeds.

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

Threadstarter,

Can I ask a few questions:
1. What do the other 20% have on average in their savings?
2. Negative net worth even after including their capital assets purchased using loan?
3. Where is your favourite bak kut teh place? Where are the good bkt places in SG?

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

Leongsam said:

Small wonder most sinkies talk like losers. They ARE losers.

It also explains why they have to kiss LKY's ass no matter how he treats his subjects.

I often spend 20k per week and I can carry on spending at that rate for a long time to come.

Click to expand...

lan cheow to u:oIo::oIo:

dun talk cock..

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

Singapore has one of the highest savings rate in the world. Why do you think they were unloading minibonds. You need to change coffeeshop.

ahleebabasingaporethief said:

My fav bak kut teh place this morning at 7am revealed a group of bankers talking aloud.

1. 80% of S'poreans have less than $20K in their savings.

2. 8.75 out of every 10 have NEGATIVE net worth.

]

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Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

scroobal said:

Singapore has one of the highest savings rate in the world. Why do you think they were unloading minibonds. You need to change coffeeshop.

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It is so easy to fool people like you.

Whats your education level?

High savings rate because they count CPF and massage figures.

Why u think so many school children now cannot afford school fees?

Why so many loan shark activities? Highest savngs rate? PHoooey!!!

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

BTW, S'pore workers have one of the lowest DISPOSABLE INCOME in the modern world.

Even the Malaysian and Indonesian workers with their $500 a month salaries can lead a better life in their own kampongs.

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

Thats how silly you are. Bank interest rate is all time low. Why would anyone leave it in a savings account. I can't even coverinflation. So far all your coffeeshops news are false or misleading.

ahleebabasingaporethief said:

It is so easy to fool people like you.

Whats your education level?

High savings rate because they count CPF and massage figures.

Click to expand...

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

scroobal said:

Singapore has one of the highest savings rate in the world. Why do you think they were unloading minibonds. You need to change coffeeshop.

Click to expand...

No true,this is what Minister Tharman said in parliament few years back,during the boom years.

Rite now,it could be worst,I bet


Name and Constituency of Member of Parliament Q45 and Q46 - Assoc Prof Ong Soh Khim Question

Q45: To ask the Senior Minister

(a) what is Singapore's ratio of consumer debt and household debt as compared to countries such as United Kingdom, United States, Hong Kong and Japan;

(b) what is the percentage of Singaporeans who are repaying at least one form of debt;

(c) what is the percentage of Singaporeans in credit card debt;

(d) what is the percentage of Singaporeans in housing loan debt;

(e) what are the preemptive educational programmes to reduce the debt of Singaporeans;

and (f) what are the help measures and repayment schemes available to Singaporean debtors to reduce bankruptcy due to these debts.

Q46: To ask the Senior Minister for the first six months of 2005,

(a) what is the number of bankruptcy cases due to credit card debts;

(b) what is the percentage of these credit-card linked bankruptcy cases in relation to the total number of bankruptcy cases; and

(c) what are the profiles of these credit card debtors with respect to age, gender and educational level.

Mr Tharman Shanmugaratnam, Minister for Education and Deputy Chairman:

MAS' estimates show that Singaporean households' liabilities were about 85% in 2004, down from 96% of GDP in 2003.

This ratio was lower than that in the UK and broadly similar to the US, but higher than in Hong Kong and Japan.

[Household liabilities in the UK, US, Hong Kong and Japan are estimated at 91%, 83%, 60% and 64% of GDP respectively in 2004].

However, it is not possible to look at household debt without looking at household assets. The higher level of household liabilities in Singapore generally reflects a higher level of household assets as well.
In fact, taking both assets and liabilities into account, Singapore households as a whole have an estimated positive net asset equivalent to about 3.7 times of GDP. This is comparable to most OECD countries.

Basically, high household assets reflect our higher home ownership rates compared to other countries. The credit card charge-off rate, defined as bad debt written off as a proportion of average rollover balance, was 5.8% on average in 2003 and 2004 in Singapore. This was comparable to that in the US and lower than that in Hong Kong and Korea. [Charge off rates for US, Hong Kong and Korea during the period were 5.1%, 7.7% and 13.4% respectively].

In the first 6 months of 2005, there were 1,759 bankruptcies. Of that number, 1,207 were consumers and the rest, businesses. 723 consumer bankruptcies were due to credit card debts, or 60% of all consumer bankruptcies. To put this in perspective, the number of credit card bankruptcies as a percentage of credit card users is extremely small, less than 0.05%. The majority of credit card bankruptcies were in the 31-50 years age group. 79% were male and 21% female. We do not collect data on their education levels. In Singapore, credit cards are generally used as a mode of payment, with only 17% of credit card debt rolled over for more than one month as at Q2 2005. The utilisation rate of credit cards has also fallen from a high of 24% of credit limit to 18% in Q2 this year. The most effective solution to managing consumer debt levels is for individuals and households to learn how to manage their finances. They have to consider if they can afford to service and pay off a loan before taking it up, and understand how getting into too much debt can affect their long term financial well-being. Though MoneySENSE, the national financial education programme, we are seeking to help Singaporeans acquire the skills and knowledge to better manage their day-to-day finances, make prudent investments and plan for their longer-term needs. MoneySENSE has been working with industry associations to publish consumer guides and newspaper articles, as well as to organize events, to disseminate messages on prudent debt management. There are specific programmes for specific segments. For example, MoneySENSE is working with the Community Development Councils (CDCs) to run on-going basic money management workshops for low-income families. In addition to basic savings and budgeting skills, the workshops provide tips on prudent debt management. Ministry of Education (MOE) is infusing financial literacy concepts into the school curriculum. MoneySENSE is also working with private educational specialists to organize workshops and develop creative and fun activities to promote the teaching of financial literacy in schools. To advise and assist borrowers on debts already incurred, Credit Counselling Singapore (CCS), a non-profit organization, was launched on 14 October 2004. CCS helps consumers recover from serious debt problems by providing general credit management information, credit counselling and where applicable, helping them to work out a debt repayment plan. While there are credit counseling schemes in place and we are stepping up our financial education programmes, the key remains for consumers to take personal responsibility for managing their finances and planning for the long term.
Source: www.mas.gov.sg News Release 17 Oct 2005

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

All the sinkies money is being SUCK by old man n PAP

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

There is a need to differentiate between debt and savings. I know that in simple household terms, it appears to be a zero sum game. This not the case in economics. I can be highly leveraged, yet have savings. The debt that I hold is generating cash flow and income.

In Singapore, it makes huge sense to buy property as this is a sector that is hobby of old man's wife and land is at an extreme premium. The vast majority of houseowners have massive housing debt - simply called a mortgage.

We have high savings compared to the rest of the world, our fair share of debt but we have less disposable income compared to the rest of the world because the car and the house is so much more expensive than the rest of the world.

In economics, money now is more valuable then money later. Unlike our parents, we are likely to leverage higher. The Baby Boomers saw unprecedented growth in term of wealth accumulation.

3 civil servants drawing the same income bought homes in the 70s - one a 3 room HDB flat, because he wanted to pay it all from Savings. The 2nd chap bought a 5 room flat with 20 yr loan. The 3rd chap bought a semi-D at ulu Sembawang Hills in the 70s. All 3 are now retirees. The show- off 3rd civil servant who was not frugal ended with the biggest wealth accumulation. The 1st chap will continue to espouse the virtue of being frugal as that keeps him going mad knowing that Chap3 retiree has just mortaged his house again to pay for his 2 children's education in the Ivy League and bought a small apartment to move into while renting out his Sembawang Hills Home to an Angmo. The income pays for the mortgage.

The PAP govt enouraged savings in the first 25 years of this country to avail themselves cheap funds via POSB and CPF to build the country's infrastructure. They never paid market rate to their fellow citizens.

Basic rule is make sure that your money is used productively. In the first 3 years of my working life, my house value went up by 22 %.

Hope said:

No true,this is what Minister Tharman said in parliament few years back,during the boom years.

Rite now,it could be worst,I bet


Name and Constituency of Member of Parliament Q45 and Q46 - Assoc Prof Ong Soh Khim Question

Q45: To ask the Senior Minister

(a) what is Singapore's ratio of consumer debt and household debt as compared to countries such as United Kingdom, United States, Hong Kong and Japan;

Click to expand...

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

scroobal said:

Thats how silly you are. Bank interest rate is all time low. Why would anyone leave it in a savings account. I can't even coverinflation.

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You just tied yourself up.

The bankers said so. Therefore it must be true. U just said so yourself.

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

ahleebabasingaporethief said:

BTW, go ahead and test the stories' theory that your 'rich' buddy will not help. .

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If you're talking about help, to what extent? There was a case I know of where one of the guys asked his friend for loan to start a business. He gave him and afterwhich, he kept asking him. He then acted as a gurantor for the various debts that the other guy took just because he was his childhood friend. The amounts kept mounting and guess what? Both the arseholes were sued bankrupt. So if someone does not want to help, don't blame him. Many of these arseholes like to take things for granted.

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

scroobal said:

Singapore has one of the highest savings rate in the world. Why do you think they were unloading minibonds. You need to change coffeeshop.

Click to expand...

I may have some reservations on his 1st assertion but i've got to agree with the 2nd on negative net worth however.

Re: BREAKING: Bankers Say 80% of S'poreans Have Less Than $20K. 87% Are In Debt...Wah

No arguments on negative networth. Thats why I commented about savings. The vast majority of normal people around the developed people would have negative net worth in view of their average 25 year tenure mortgage especially so when downpayments are now in the 5 % and the prices slumped in the recent crisis. Not to worry, most layman can't grasp economics or why you should stretch your loan on landed property.

During the Asian Crisis, most Central Banks gave instruction to banks not to revalue mortgaged homes.

Many years ago I knew of a couple that stayed in a 5 room flat, set up a private limited company, pumped in capital, bought private commercial property for rental. Eventually they had a portfolio of 7. If it crashed, they could not posses the HDB flat. Thats one Singaporean who knew the basics of economics and protection of base assets.

Satan said:

I may have some reservations on his 1st assertion but i've got to agree with the 2nd on negative net worth however.

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