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- Feb 14, 2009
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There are two ways to subjugate a nation.
One is by the sword, another is by debt !
When US was doing well, many americunts say they have the best democrazy, now got a big hole.....they say sinkapore got a better democrazy....and then when sinkapore kaput....they say Kim Jong ill got the best democrazy right !
http://www.youtube.com/watch?v=1gKX9TWRyfs&feature=related
Ah Tan wrote the below pc, he should watch this movie also !
Sep 26, 2010
Generation Debt
Survey shows twentysomethings have highest rate of loan default in the country
By Lorna Tan, Senior Correspondent
http://www.straitstimes.com/Invest/Story/STIStory_583125.html
Young, married and swimming in red ink. That was the less than happy picture of twentysomething Singaporeans which emerged from a survey that tracked how people here are handling debt.
It found that those in the age group between 21 and 29 have the highest rate of loan default in the country, with married folk being the worst among them.
The plight of Mrs Teo, 26, illustrates the problem.
Mrs Teo (not her real name) chalked up more than $10,000 in credit card bills and a term loan.
Her woes started when she switched jobs and suffered a drastic 40 per cent pay cut that soon left her struggling to pay even the minimum amount required on her card bills.
There are many others like her, according to credit and business information company DP Credit Bureau.
It said defaults in the twentysomething age group grew from 5.07 per cent of outstanding payments in January last year to 7.16 per cent by December. This far exceeds the 3.11 per cent average for all consumers.
Credit card defaults were the most common across all age groups. The other debt types include overdraft, mortgage and motor vehicle payments.
The survey also found that people aged between 30 and 39 have the second highest percentage of bad debt records at 3.79 per cent. Those over 69 have the lowest rate of debt default.
Financial experts reckon young adults are in trouble because they lack discipline and have a poor grasp of financial matters. It is a common attitude among young people that saving for retirement is something only old folk do.
Mr Ben Fok, chief executive of Grandtag Financial Consultancy, says twentysomethings tend to buy things based on what they want, not what they need.
'Obviously, they cannot exercise self-control... They have not mastered the art of delaying gratification and spend more than they can afford to. Another trait is that they do not know where the money goes to,' he adds.
Mr V. Arivazhagan, managing director of regional investment and treasury products at DBS Bank's consumer banking group, agrees: 'Young adults may have the tendency to succumb to pressure from peers and indulge in expensive exploits, such as buying branded goods, fine dining and even buying a car.'
He also noted that young adults who control their spending from an early age tend to have a savings habit and achieve their accumulation goals much earlier than those who splash the cash about.
As young adults enter the workforce and start enjoying a regular income, having a good understanding of financial matters is essential.
While using credit cards to fuel an extravagant lifestyle is barmy, not all loans are bad.
'With a lower level of savings, young adults may wish to turn to loans to finance important life moments such as further education, a wedding and a new baby,' says Ms Karen Tan, a financial services manager at IPP Financial Advisers.
'Thus, they may need to get tips on responsible borrowing and financial management to help them start their adult life on the right footing.'
One is by the sword, another is by debt !
When US was doing well, many americunts say they have the best democrazy, now got a big hole.....they say sinkapore got a better democrazy....and then when sinkapore kaput....they say Kim Jong ill got the best democrazy right !
http://www.youtube.com/watch?v=1gKX9TWRyfs&feature=related
Ah Tan wrote the below pc, he should watch this movie also !
Sep 26, 2010
Generation Debt
Survey shows twentysomethings have highest rate of loan default in the country
By Lorna Tan, Senior Correspondent
http://www.straitstimes.com/Invest/Story/STIStory_583125.html
Young, married and swimming in red ink. That was the less than happy picture of twentysomething Singaporeans which emerged from a survey that tracked how people here are handling debt.
It found that those in the age group between 21 and 29 have the highest rate of loan default in the country, with married folk being the worst among them.
The plight of Mrs Teo, 26, illustrates the problem.
Mrs Teo (not her real name) chalked up more than $10,000 in credit card bills and a term loan.
Her woes started when she switched jobs and suffered a drastic 40 per cent pay cut that soon left her struggling to pay even the minimum amount required on her card bills.
There are many others like her, according to credit and business information company DP Credit Bureau.
It said defaults in the twentysomething age group grew from 5.07 per cent of outstanding payments in January last year to 7.16 per cent by December. This far exceeds the 3.11 per cent average for all consumers.
Credit card defaults were the most common across all age groups. The other debt types include overdraft, mortgage and motor vehicle payments.
The survey also found that people aged between 30 and 39 have the second highest percentage of bad debt records at 3.79 per cent. Those over 69 have the lowest rate of debt default.
Financial experts reckon young adults are in trouble because they lack discipline and have a poor grasp of financial matters. It is a common attitude among young people that saving for retirement is something only old folk do.
Mr Ben Fok, chief executive of Grandtag Financial Consultancy, says twentysomethings tend to buy things based on what they want, not what they need.
'Obviously, they cannot exercise self-control... They have not mastered the art of delaying gratification and spend more than they can afford to. Another trait is that they do not know where the money goes to,' he adds.
Mr V. Arivazhagan, managing director of regional investment and treasury products at DBS Bank's consumer banking group, agrees: 'Young adults may have the tendency to succumb to pressure from peers and indulge in expensive exploits, such as buying branded goods, fine dining and even buying a car.'
He also noted that young adults who control their spending from an early age tend to have a savings habit and achieve their accumulation goals much earlier than those who splash the cash about.
As young adults enter the workforce and start enjoying a regular income, having a good understanding of financial matters is essential.
While using credit cards to fuel an extravagant lifestyle is barmy, not all loans are bad.
'With a lower level of savings, young adults may wish to turn to loans to finance important life moments such as further education, a wedding and a new baby,' says Ms Karen Tan, a financial services manager at IPP Financial Advisers.
'Thus, they may need to get tips on responsible borrowing and financial management to help them start their adult life on the right footing.'
