More young people getting into debt problems
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Bad Economy or Poor Money Management?
Your views?
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Credit Counselling S'pore
By Pearl Forss, Channel NewsAsia
SINGAPORE : A new support group has been set up in the business district for professionals facing severe credit problems, after counsellors find that more young professionals are slipping into a life of debt.
Well-educated, a string of credit cards in their wallets, and often living a lifestyle beyond their means - non-profit organisation Credit Counselling Singapore says these are the main characteristics of many of the 1,100 people they are currently counselling for debt problems.
Some 600 of them have signed up for debt management programmes to structure their repayments to the banks.
In August 2004, Edward Job started a help centre in Geylang for those with gambling debts and loan shark problems.
Back then, most who turned up at the One Hope Centre were low and middle income debtors.
But in recent months, high income young debtors in trouble with banks have started turning up too.
So he started another support group in the financial district in January this year to help this group.
And so far, 40 to 50 people are attending the support group meetings every Thursday.
Said Edward Job, founder of One Hope Centre: "Most of them are living a wrong lifestyle. Sometimes they buy car without thinking whether they are able to pay tomorrow.
"All of a sudden, they find themselves having a pay cut or they may lose their jobs. And they can't pay their debts incurred on hire purchase companies. Their car may be repossessed and if being sold, they have to pay the difference."
In the last four years, about 500 young people between the ages of 30 and 40 were made bankrupt each year, due mainly to credit card debt.
Credit counsellors call this group of debtors the "new poor" in Singapore. They earn more than the bottom 20% of the population but after deducting their loan repayments, their remaining disposable income sometimes puts them in dire situations.
For an in-depth look at this issue, catch "Generation Debt," the next episode of Get Rea! on Wednesday January 18 at 8.30pm on Channel NewsAsia. -
our young geneartion are educated and spoilt. Thats the whole problem.
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some pple like to show off, wanting to be able to show pple they have the spending power...
just look at those pple who open bottles in clubs, few hundred bucks per bottle, as if very cheap..but wanna show off to their frens or ladies they got the $ to spend..in real case, they're running into debt which no one know -
30 - 40 is considered young?
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Are you hoping someone says yes?Originally posted by dragg:30 - 40 is considered young?
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Being rich in Singapore, is about spending less.
If one spends a few hundreds on a bottle of drink in clubs regularly and are between 30-40, he's in trouble - may not be employable long enough to pay off the bills incurred.
I normally save up before splurging on things I love. -
I remember a similar thread in this forum a little while ago ....
here:
http://www.sgforums.com/?action=thread_display&thread_id=159901 -
I would say yes for some cases, if u consider that Male Uni grads in Singapore only started working at 25 or later. Most of their careers aren't even anywhere near the peak and they're spending like mad liao.Originally posted by dragg:30 - 40 is considered young? -
These spoilt brats overspend and then complain about the govt for hard times they brought upon themselves. Its the same pattern all the time. I've seen so many of them.
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btw anyone here know any of these people?
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I know some of this type of people. Hao lian, want to show off and keep up with each other. Some who are quite frankly not very rich also want to pretend to be very rich.
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are they now in heavy debts?Originally posted by av98m:I know some of this type of people. Hao lian, want to show off and keep up with each other. Some who are quite frankly not very rich also want to pretend to be very rich. -
Backside belong to the bank liao, owe money on multiple credit cards, what do you think?Originally posted by dragg:are they now in heavy debts? -
It may not be entirely the case.
As some students here use parents' CPF for education, they have already incurred a very huge debt.
And to step into the working world, one needs formal clothes. These clothes aren't cheap. Don't tell me you wear pyjamas to work.
How about marriage? Marriage alone is enough to build debts. Even if they don't buy a house, they still spend a bomb.
All these made a lot of people get into debts.
Outsourcing of jobs makes people lose jobs. Some people have unpaid debts, and being laid off, make the situation worse. Not all people are spoilt. You have to consider case by case. -
is worsen by the fact that cars can have 0% down payment and 10 years loan...0% installment for many household stuff etc
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singaporeans.. the sec they step into poly or uni.... they're in debt liaoOriginally posted by ndmmxiaomayi:It may not be entirely the case.
As some students here use parents' CPF for education, they have already incurred a very huge debt.
And to step into the working world, one needs formal clothes. These clothes aren't cheap. Don't tell me you wear pyjamas to work.
How about marriage? Marriage alone is enough to build debts. Even if they don't buy a house, they still spend a bomb.
All these made a lot of people get into debts.
Outsourcing of jobs makes people lose jobs. Some people have unpaid debts, and being laid off, make the situation worse. Not all people are spoilt. You have to consider case by case.
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Not to forget that whatever we've been 'promised' are all DELUSIONS...Originally posted by Salman:our young geneartion are educated and spoilt. Thats the whole problem.
You want to have those? You continue to pay them with your blood... -
LKY promised there is no free lunch. These kids got the wrong mesage from their mamas and papas who dote on em.Originally posted by Devil1976:Not to forget that whatever we've been 'promised' are all DELUSIONS...
You want to have those? You continue to pay them with your blood... -
Speaking of marriage; why can't these young settle for a simple wedding reception instead of spending a bomb for a dinner in some 5 star hotel?
My wedding was a very simple affair. Even my wedding car was just a Toyota Corrolla!
What counts most in a marriage is staying married. Not the wedding ceremony.
I've heard and seen so many glamorous weddings that went up in smoke in just one two or three years!
In many things in life, I believe in the contents of a thing. Not the cover, wrappings, and or presentation.
I knew a friend of mine - he spent well over $40k on his wedding dinner, made everybody so envious and made a really good impression with his in-laws. But now he's regularly quarrelling with his wife, paying up the bank for the wedding costs, and in the process of divorce.
If I had spent so much on my wedding just to show off, today I may not be able to buy my wife the new SUZUKI Swift while I drive a Jaguar S Type and a commercial van for my business? -
You're a good man mr.Shutterbug.
We need more people like you here, not those whining brats who spend what they don't have out there. -
Perhaps it is time that Singaporeans have to forego tradition(esp ethnic Chinese) and instead replace it with angmoh style of wedding reception?Originally posted by ShutterBug:Speaking of marriage; why can't these young settle for a simple wedding reception instead of spending a bomb for a dinner in some 5 star hotel?
My wedding was a very simple affair. Even my wedding car was just a Toyota Corrolla!
What counts most in a marriage is staying married. Not the wedding ceremony.
I've heard and seen so many glamorous weddings that went up in smoke in just one two or three years!
In many things in life, I believe in the contents of a thing. Not the cover, wrappings, and or presentation.
I knew a friend of mine - he spent well over $40k on his wedding dinner, made everybody so envious and made a really good impression with his in-laws. But now he's regularly quarrelling with his wife, paying up the bank for the wedding costs, and in the process of divorce.
If I had spent so much on my wedding just to show off, today I may not be able to buy my wife the new SUZUKI Swift while I drive a Jaguar S Type and a commercial van for my business? -
BLAME the credit card ppl! Visa n Mastercard! lol.. i dun even have a credit card . I believe in cash.. except.. going to overseas of course.. he he he.. but i think the main reason of debt is because of credit cards.. what u guys think ?
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hey.. i used that line before ! some dude owed us 90K.. when we said pay by cash or by blood.. the stupid guy literally took it n almost killed himself.. damn man.. almost made a loss there.Originally posted by Devil1976:Not to forget that whatever we've been 'promised' are all DELUSIONS...
You want to have those? You continue to pay them with your blood... -
u r assuming that $ is the cause of their divorce...they are thousands of reason for divorcing, although there is one 1 in the eyes of the lawOriginally posted by ShutterBug:I knew a friend of mine - he spent well over $40k on his wedding dinner, made everybody so envious and made a really good impression with his in-laws. But now he's regularly quarrelling with his wife, paying up the bank for the wedding costs, and in the process of divorce. -
stupid kids