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If you owe money on credit card, you are like ah gua American who sign sign sign but addicted to debt
True steady fella only uses cash
Credit card only for emergency, if use and roll over is an ah gua
Wonder how many youngstera here at sammyboy are ah gua
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_487329.html
IF YOU have developed the bad habit of rolling over your outstanding credit card bills instead of paying them in full, you have plenty of company in Singapore.
You would have contributed to the mind-boggling $3.68 billion in credit card debt chalked up by card users last year alone. Latest statistics show that this mountain of debt grew 9.5 per cent from 2008.
And do not blame all of the increase on new cards issued last year: They grew by a smaller 6.7 per cent.
So what are the likely causes of this crippling debt pile?
Ms Tan Huey Min, assistant director at Credit Counselling Singapore (CCS), attributed the spike to overspending as well as pay cuts and job losses as the recession bit hard. She said other reasons included gambling, medical bills and renovations.
In fact, last year was an unwanted 'record' year for CCS, which counselled nearly 1,300 people, almost double the 714 in 2008.
Read the full report in The Sunday Times.
True steady fella only uses cash
Credit card only for emergency, if use and roll over is an ah gua
Wonder how many youngstera here at sammyboy are ah gua
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_487329.html
IF YOU have developed the bad habit of rolling over your outstanding credit card bills instead of paying them in full, you have plenty of company in Singapore.
You would have contributed to the mind-boggling $3.68 billion in credit card debt chalked up by card users last year alone. Latest statistics show that this mountain of debt grew 9.5 per cent from 2008.
And do not blame all of the increase on new cards issued last year: They grew by a smaller 6.7 per cent.
So what are the likely causes of this crippling debt pile?
Ms Tan Huey Min, assistant director at Credit Counselling Singapore (CCS), attributed the spike to overspending as well as pay cuts and job losses as the recession bit hard. She said other reasons included gambling, medical bills and renovations.
In fact, last year was an unwanted 'record' year for CCS, which counselled nearly 1,300 people, almost double the 714 in 2008.
Read the full report in The Sunday Times.
