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[h=1]SINGAPORE DEBTORS OWE AVERAGE OF $84,000 OR 28 MONTHS OF THEIR INCOME[/h]
<!-- /.block --> <style>.node-article .field-name-link-line-above-tags{float: right;}.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;}</style> Post date:
28 Oct 2014 - 5:47pm
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Three percent of unsecured credit borrowers have accumulated unsecured debts that are more than their annual income.
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam revealed that two-thirds of them earn incomes above the median income and more than half have tertiary education.
The number of debtors have also grown by more than two times over the past five years, as compared to the preceding five years. Debtors also owed an average debt of $84,000.
Mr Tharman was speaking at the Credit Counselling Singapore’s (CCS) 10th anniversary lunch event today.
He also said that the government will implement new measures to help heavy borrowers.
The CCS will set up a centralised point where a common repayment plan will be worked out with all the banks the borrower has borrowed from, with information provided on the borrower’s spending needs and loan obligations.
<ins id="aswift_1_expand" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: inline-table; visibility: visible; position: relative; background-color: transparent; border-image: none;"><ins id="aswift_1_anchor" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: block; visibility: visible; position: relative; background-color: transparent; border-image: none;"><iframe name="aswift_1" width="336" height="280" id="aswift_1" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" allowfullscreen="true" style="left: 0px; top: 0px; position: absolute;" allowTransparency="true"></iframe></ins></ins>
The Association of Banks, Singapore will start calling up its customers to work out these plans early next year.
In September last year, the government also introduced regulations to stop granting unsecured credit to borrowers who have unsecured debt that is more than his or her annual income.
CCS also revealed figures that showed that whereas from 2004-2008, there were only 650 debtors who sought their assistance annually, the situation has worsened - the figure grew by more than twice as much to 1,377 from 2009-2013.
Debtors also owed an average of $84,000, or 28 months of the average disposable income of $3,000.
Financial analyst Leong Sze Hian said that, “the above figures may not fully reflect the fact that $250.1 million of bad debts were written off in just the last 12 months.”
He said, “So, the alarmingly large figures may actually be even worse.”
A Standard Chartered survey last year showed that Singaporeans have the second highest debt in Asia.
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28 Oct 2014 - 5:47pm
<ins id="aswift_0_expand" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: inline-table; visibility: visible; position: relative; background-color: transparent; border-image: none;"><ins id="aswift_0_anchor" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: block; visibility: visible; position: relative; background-color: transparent; border-image: none;"><iframe name="aswift_0" width="336" height="280" id="aswift_0" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" allowfullscreen="true" style="left: 0px; top: 0px; position: absolute;" allowTransparency="true"></iframe></ins></ins>
Three percent of unsecured credit borrowers have accumulated unsecured debts that are more than their annual income.
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam revealed that two-thirds of them earn incomes above the median income and more than half have tertiary education.
The number of debtors have also grown by more than two times over the past five years, as compared to the preceding five years. Debtors also owed an average debt of $84,000.
Mr Tharman was speaking at the Credit Counselling Singapore’s (CCS) 10th anniversary lunch event today.
He also said that the government will implement new measures to help heavy borrowers.
The CCS will set up a centralised point where a common repayment plan will be worked out with all the banks the borrower has borrowed from, with information provided on the borrower’s spending needs and loan obligations.
<ins id="aswift_1_expand" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: inline-table; visibility: visible; position: relative; background-color: transparent; border-image: none;"><ins id="aswift_1_anchor" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: block; visibility: visible; position: relative; background-color: transparent; border-image: none;"><iframe name="aswift_1" width="336" height="280" id="aswift_1" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" allowfullscreen="true" style="left: 0px; top: 0px; position: absolute;" allowTransparency="true"></iframe></ins></ins>
The Association of Banks, Singapore will start calling up its customers to work out these plans early next year.
In September last year, the government also introduced regulations to stop granting unsecured credit to borrowers who have unsecured debt that is more than his or her annual income.
CCS also revealed figures that showed that whereas from 2004-2008, there were only 650 debtors who sought their assistance annually, the situation has worsened - the figure grew by more than twice as much to 1,377 from 2009-2013.
Debtors also owed an average of $84,000, or 28 months of the average disposable income of $3,000.
Financial analyst Leong Sze Hian said that, “the above figures may not fully reflect the fact that $250.1 million of bad debts were written off in just the last 12 months.”
He said, “So, the alarmingly large figures may actually be even worse.”
A Standard Chartered survey last year showed that Singaporeans have the second highest debt in Asia.
