PRs, new citizens chalking up huge card debts

[Garlic]

Source: http://sgblogs.com/entry/citizens-chalking...rd-debts/377944

 

NEW citizens and permanent residents (PRs) are an emerging group struggling with credit card debt, forming at least 10 per cent of the 1,285 clients handled by Credit Counselling Singapore (CCS).

 

CCS, an organisation which provides counselling and helps debtors work out repayment plans, said these debtors

[Galantspeedz]

and in share speculation

[Kangadrool]

they think life is a pot of gold here when it's a pot of sxxt.

[Saag]

also property & housing loan.

once next recession or 2nd dip in recession, likely due to Euro zone countries, all these FT, FW, PR, new citizens, if lose their jobs, they will just disappear with their luggage bags, this happened in recent Dubai debt case.

[Angmokio]

also property & housing loan.

once next recession or 2nd dip in recession, likely due to Euro zone countries, all these FT, FW, PR, new citizens, if lose their jobs, they will just disappear with their luggage bags, this happened in recent Dubai debt case.

 

i predict JUNE 2010....who wants to bet???

[Angmokio]

Yeah, but isn't 10% of the C/C debt number less than the %age of PRs etc in Singapore??????????

Just asking.

 

This report just to make local Singaporean feels good, good that PRs are also in the same piece of Sh it as us.

 

again, smell like election coming.

Edited January 30, 2010 by Angmokio

[Xspace]

I think they can just burst out all the cards and go back without paying...

[Bystander50]

Anyone knows how the banks grant loans to PRs to buy cars?

 

What happens if a PR chalks up huge credit card debts, defaults to car loans and decided to pack his bags and go back for good?

Since car is a negative asset and if the bank is unable to recover, isn't it another form of bad debt written off?

 

[Angmokio]

Anyone knows how the banks grant loans to PRs to buy cars?

 

What happens if a PR chalks up huge credit card debts, defaults to car loans and decided to pack his bags and go back for good?

Since car is a negative asset and if the bank is unable to recover, isn't it another form of bad debt written off?

 

DUBAI in the making.

[Ladykillerz]

I think this is a good sighting.~

[Shimada]

borrow more please,

when the interests rate goes up, i laugh!

alot of fire sale everywhere, houses and cars all going for cheap...

i'm waiting...

 

the interest rates are the lowest possible now still, and when economy goes up, rates too, then all the floating loans will burst.

property will not have as good returns as the stock markets.

so investors, or speculators will move the money back to the stock markets, and dump property...

now everyone moved their money into property, ain't it, stock markets not doing well, cheap interests, loose policies, "sure win" mentality...

the bubble in the making...

 

credit card debts are no brainers, if you cannot handle that, don't bother to talk about other loans...

you don't know finance for poop...

if you need to finance something by credit cards, if probably cannot afford it. don't spend it.

[Raining]

Anyone knows how the banks grant loans to PRs to buy cars?

 

What happens if a PR chalks up huge credit card debts, defaults to car loans and decided to pack his bags and go back for good?

Since car is a negative asset and if the bank is unable to recover, isn't it another form of bad debt written off?

 

I have a frn that work in one of the big boys in loan company. they do have a team of ppl assessing your credit in banks, financing firms etc.. typically non sporeans either get a sizably lower loan or .. if certain number of bad debt cases..they will up the ante..

 

not fool proof but does lower the cases in long run.. after all, they are in financing line.. rule number 1 is protect their principle amt..

[Kusje]

The title is misleading and laughable.

The less than 200 PRs and new citizens having trouble with credit card debt pales in comparision with the almost 1 million PRs here.

[Alechi]

Not 1 million lah ... 500K+ ...

[Watwheels]

Can clearly see where the root of evil comes from. How come in the article nobody comes up with a solution to kerb ones spending?

 

Just destroy the root of this out of control spending evil which is the credit card lah. Problem solve. Work overtime to payback the debt, why waste time go counseling? Banks are so evil.

[Toapayohkid]

young, foreign, think they made it, deadly cocktail of rising consumer debt.

[Melvinwcc]

Credit Cards

 

Use it wisely and be rewarded.

Use it wrongly and there goes your "Future"

 

[:p]

 

[Karoon]

Anyone knows how the banks grant loans to PRs to buy cars?

 

What happens if a PR chalks up huge credit card debts, defaults to car loans and decided to pack his bags and go back for good?

Since car is a negative asset and if the bank is unable to recover, isn't it another form of bad debt written off?

 

cars? i got two FT's in my coy. who are on same pay as me. one chinaman one indian. both recently bought condos, on top of their hdb flats. leveraged to the hilt i must say. yup. another dubai.