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The Government is in the process of tightening controls on licensed moneylending in Singapore, but the changes couldn’t come sooner for Terence (not his real name) who has been drowning in debt for the past two years. He has been forking out S$4,000 a month, or 88 per cent of his take-home pay, to pay interest on a loan he took from a licensed moneylender. He agreed to speak to inSing about his problems on condition that he not be identified, because if his employers found out about his debt, he would lose his job. The 33-year-old is an honours degree holder and a white-collar professional. He estimates that he has paid out about S$70,000 in interest over two years on his original loan amount that was S$20,000. He has had to take up a second job, working weekday nights and over weekends so that he is able to pay his utility bills and to support himself. OVERSPENDING BEYOND MEANS His debt problem was seeded about 10 years ago, after he graduated from university and got a job. “My family has never been well-off, he said, "so when I started my first job and earned a proper salary, I suddenly felt like I was awash with cash. I started splurging.” He admits he was not very prudent with his money. He bought a car within six months and went on frequent holidays. When he went out with friends at night, he would order bottles of wine and pick up the tab for everyone. “The banks kept on sending me invitations to sign up for credit cards, and at one point, I was using 10 different credit cards. I lost track of my spending,” he said. He started incurring higher interest rates when he began using "cash advance", also a banking feature that comes with credit cards, allowing cardholders to spend first in advance and pay later. It comes with an effective interest rate of 24 per cent per year. “I thought I had it under control," Terence said, "because I had my year-end bonus to count on. Every time I splurged, I would tell myself never mind, I will throw in my bonus to repay my debts. But when the year-end interest came, there would be other things to splurge on, so the credit card bills continued to pile up." BURDEN INCREASED In his second year of full-time employment, Terence’s parents retired and he had to help pay their household utility bills. Together with his car loan payments and petrol usage, he had to set aside S$1,500 every month for these, nearly half of his take-home wages back then. “Fortunately, my parents now have monthly cash payouts from their CPF (Central Provident Fund, a national savings scheme) accounts so I do not need to support them,” he said. His girlfriend learnt about his situation and it resulted in a major fight. His credit card bills amounted to nearly a year of his salary. Soon, he cancelled all his credit cards, stopped going on holidays, and cut down on clubbing. He spent the next two years trying to pay off the banks. Towards the end of 2011, he received a writ of summons from two banks that threatened to take him to court over the remaining S$20,000 he owed them. MONEYLENDERS If Terence had gone to court, he would have lost his job. So out of desperation, he turned to licensed moneylenders. “A primary school classmate was working for a licensed moneylender and suggested that I borrow from them, so I took a loan of S$20,000. The interest rate was 12 per cent per month,” he said. The interest rate meant that Terence would have to repay S$2,400 every month in interests alone. “I am not stupid, I knew it was a lot to repay every month, but I really felt like I had no choice at that point in time. I didn’t want to lose my job. My plan was to endure it for six months and after that, borrow money from the banks again to pay off the moneylender,” he said. Six months later, his plan hit a snag. The banks refused to lend him any more money because of his poor credit rating. He then paid to get his credit bureau report and realised that he had been blacklisted by the banks, and would be allowed to get any loan after three years. Terence decided to "refinance" his loan with the moneylender by taking out a S$25,000 loan at a higher interest rate of 16 per cent a month. The principal amount of money owed to the moneylender also ballooned to S$30,000 due to a late-fee penalty of S$120 a day. CREDIT COUNSELLING If Terence had gone for credit counselling to work out a repayment plan with the banks, he would not be in this situation, but he did not know he could do this. He has been living “under immense stress” for the past two years, he said. His girlfriend broke up with him and he has no one to confide to about his problems. These days, Terence has a no-frills lifestyle. “I haven’t gone on holiday in two years. I eat most of my meals at home except for lunch at a hawker centre. I don’t spend on anything. My life is all work and then I go home. I have stopped going out with friends. My parents have also become frail, and that is an added reason for me to spend more time at home with them.” The silver lining is that because of all the time he spends at home, he has become closer to his parents. “They know about my debt, but they don’t have the financial ability to help me. I have spared them the details and told them that I can manage on my own,” he added. ONE FINAL LOAN He hopes he will be able to completely pay off the licensed moneylenders in six months’ time. His credit rating will be refreshed and he may take up bank loans at more manageable interest rates this time. Terence hopes his experience will serve as a warning for people who are overspending more than they can afford and rolling money on credit cards. He also advises against taking loans even from licensed moneylenders because “everything can quickly spiral out of control”. He said: “The current cap of 20 per cent on monthly interest rates is really too high. The cap should be lower. Lately, I have started to see these moneylenders set up branches in HDB (public housing) estates. I am worried that more people may make the same mistake that I did.” A check on the Insolvency and Public Trustee’s Office’s website showed that there are now 180 licensed moneylenders operating in Singapore and at least 25 operate within public housing estates. Terence hopes that the Government may provide more help for borrowers like him. He said: “I really pray that I will be given a second chance to get my finances and life in order. All I really need is a bank willing to take one more chance on me and provide me with a loan. My current situation is sucking the life out of me.” http://features.insing.com/feature/a-matter-of-life-and-debt/id-154a3101/ The interest rate charged by licnsed moneylender is not much dif from the illegal loan sharks. These so called licensed $ lenders are legal loan sharks. This guy pays a monthly interest of $2,400 for a loan of $20,000.00. And he has paid out about S$70,000 in interest over two years on his original loan amount that was S$20,000.

https://asia.nikkei.com/Spotlight/Asia-Insight/Laos-debt-pressure-raises-specter-of-a-China-vassal-state?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20220906190000&seq_num=2&si=44594 Laos owes more than half its foreign debt to China, including "hidden obligations," and experts say the Southeast Asian country could end up bartering away land and resources for relief. © Illustration by Hiroko Aida Laos' debt pressure raises specter of a China vassal state Echoes of Sri Lanka on the Mekong as muzzled public seethes over economic woes MARWAAN MACAN-MARKAR, Asia regional correspondentSeptember 6, 2022 06:00 JST NONG KHAI, Thailand -- At gas stations in Nong Khai, a quiet Thai town on the western banks of the Mekong River, streams of vehicles pulling up reveal the troubles across the waterway in Vientiane, the capital of Laos. The drivers with Laotian license plates come with two requests: a full tank, and extra fuel for the 20-liter containers they have on board. Many roll up in high-end SUVs or sleek Mercedes-Benzes, popular among the wealthy few in their impoverished country. "Some of the drivers are regulars, known to us, and they complain about the high price or short supply" of gas back in Laos, said Kiri Malaya, a station attendant, as he filled up a black Range Rover and a blue jerrycan. Kiri has been busier since June. By that month, Laos' gasoline prices were up by 107.1% on the year. But fuel is not the only item on the shopping lists of Laotians who cross the nearby bridge connecting the two countries. An office worker from Vientiane said she comes for household staples like soap, detergent, clothes and even food, since "some are not available in the shops or are now more expensive than before." A baker, struggling with rising costs of ingredients, said, "I have to find new supplies that are cheaper." Living under a communist regime notorious for its oppression and opaqueness, they and other Laotians avoid complaining openly, apart from whispers and rare outbursts of anger on social media. Nong Khai, however, offers a vantage point on their hardships and the risks their China-reliant country faces. Experts have warned the strongmen of the Lao People's Revolutionary Party that there are multiple economic land mines in their midst. The $18 billion economy's depleted foreign reserves and its unsustainable foreign debt -- much of it owed to China for large-scale infrastructure projects like a multibillion-dollar railway -- have prompted some to compare Laos to Sri Lanka. The bankrupt South Asian island ran out of dollars to service its foreign obligations in April, becoming the first country in the region to default in decades. A view of the Mekong river bordering Thailand and Laos is seen from the Thai side at Nong Khai in 2019. The town offers a vantage point on the Laotian economic crisis. © Reuters In Laos, "the macroeconomic situation is very challenging," said Alex Kremer, country manager at the World Bank. The bank warned in May that many in the nation of about 7 million were "at risk of falling into poverty, especially in towns and cities," as prices rise faster than incomes. Overall inflation hit 25.6% in July, according to official statistics. Kremer said that structural weaknesses "have been exacerbated by the impacts of the COVID-19 pandemic, a deteriorating global macroeconomic environment and the rapid depreciation of the Lao kip," the local currency. A year ago, the exchange rate was about 9,400 kip to the dollar. By mid-2022, some exchange outlets in Vientiane were listing rates of about 15,000 kip per dollar. On the black market, the figure was even higher, at about 19,000 kip. The crumbling local currency has prompted Thai analysts to sound the alarm over a severe shortage of foreign reserves in Laos, currently estimated to be roughly $1.3 billion. That is enough to cover only 2.2 months of imports, and will make it a squeeze to service $1.3 billion in foreign debts this year. The country is "suffering from twin deficits -- fiscal deficit and current-account deficit -- amid thin foreign exchange reserves," said Sathit Talaengsataya, a senior economist at Thailand's Krungsri Research. He said that over the past decade, Laos has run fiscal deficits equivalent to 3% to 4% of gross domestic product annually, requiring substantial external financing and resulting in the current-account deficit averaging more than 10% of GDP. Sathit called this a "chronic problem" necessitating an immediate "reset of the economy." Some shaken Laotian leaders have made rare admissions about the country's dire straits. Bounleua Sinxayvoravong, who was appointed central bank governor in June after his predecessor was fired, hinted at the panic in an address to party apparatchiks in the National Assembly. "From the start of 2021 to the first quarter of this year, Laos should have received $9.81 billion, however, only 32% of this entered the banking system of our country," he said, according to local reports. Yet the leadership is coy about how deeply their country is indebted to China, and the potential implications. AidData, a research lab at William & Mary college in the U.S., calculates that Laos racked up $5.57 billion in official debts to China during a borrowing spree from 2000 to 2017. Even that "is only the tip of the iceberg," said Bradley Parks, executive director at AidData. "Laos also has an unusually high level of hidden public debt exposure to China -- an additional $6.69 billion," he said, or about 35% of GDP. AidData defines hidden debts as those contracted by entities wholly or partially owned by the government of Laos but without an explicit sovereign repayment guarantee. Consequently, Laos' total "debt exposure to China is worth approximately $12.2 billion, or 64.8% of GDP," Parks told Nikkei Asia. The World Bank estimated that total public and publicly guaranteed debts stood at 88% of GDP in 2021. But since the World Bank's figure excludes Laos' hidden public debts to China, Parks said, "the country's true level of public debt exposure to all creditors is most likely north of 120% of GDP." "There is no other country in the world with a higher level of public debt exposure to China as a percentage of host country GDP," he added. Not surprisingly, the danger of Laos following Sri Lanka into default has grown, since its annual foreign debt bill averages $1.3 billion until 2025, according to the World Bank. In June, global ratings agency Moody's lowered Laos' credit rating further into junk territory. "Default risk will remain high given very weak governance, a very high debt burden and insufficient coverage of external debt maturities by foreign exchange reserves," Moody's said. This has sparked a diplomatic scramble by Laotian leaders seeking help from China as well as Vietnam and longtime ally Russia, according to seasoned observers familiar with politics in Vientiane. In May, the government invited ambassadors from the three countries for a discussion with relevant agencies and private banks to "resolve the current economic crisis," said Japanese scholar Norihiko Yamada, a Laos specialist who has worked in many government ministries there. "The results and the content of the consultations are not yet known, but it is possible that not only China but also Vietnam and Russia [may get involved] in assisting Laos," he said. Other experts think Laos may benefit from a shift in China's thinking on the debt loads of developing countries. While Beijing has appeared reluctant to restructure Sri Lanka's debt, observers note that it has thrown lifelines to some African countries straining under loan obligations -- largely owed to China for Belt and Road Initiative infrastructure projects, as in Laos. A high-speed railway linking Vientiane with China's Kunming, launched last December, has contributed to Laos' mountain of debt to China. © Reuters "Interest-free loans, especially to African countries, have been cancelled several times," Mengdi Yue and Christoph Nedopil Wang of the Green Finance and Development Center, a think tank at Shanghai's Fudan University, said in an email exchange with Nikkei. "China has officially expressed its stance on several occasions that it will work with other multilateral and bilateral creditors to tackle debt crises in developing countries." Some argue that countries like Laos -- one of 17 "least developed" countries where China is the single largest bilateral lender, according to the Green Finance and Development Center -- are so enmeshed with Beijing's interests that it has no option but to help. Patrick Mendis, a visiting professor of global affairs at the National Chengchi University in Taiwan and a former U.S. diplomat, said Chinese lending under the "Beijing Consensus" development model is designed on "connectivity" to China's national and security interests. Failing to assist Laos "is not an option for Beijing," Mendis said. Yet any relief efforts are also under wraps. "The Chinese offered $800 million in debt relief to Laos over the past two years, and that gave the Laos government breathing room for external financing pressures," said Jeremy Zook, Hong Kong-based director of sovereign ratings and the lead analyst for Laos at Fitch, the ratings agency. "There are other discussions going on between Laos and China about the nature of future debt relief or debt restructuring to ease the near-term burden, but it is difficult to get an accurate read." The handling of Laos' unpaid debts to China in the past may provide clues -- and hint at a bailout that could turn the Southeast Asian country into an economic vassal state. Previous debt-relief options have ranged from swaps for equity in Laotian state entities to carving out land to pacify Chinese creditors. "There is certainly some historical precedent for bartering land and natural resources to repay foreign debts in Laos or to support domestic infrastructure," said Keith Barney, an academic at the Australian National University in Canberra. Vientiane boasts of such a swap. Laos' government handed over a marsh to build a special economic zone as part of a deal to repay the Chinese, who had built a $100 million National Stadium in time for the 2009 Southeast Asian Games, which Laos hosted. "This is part of the idea of 'turning land into capital,' which was a key development slogan of Laos and implicit policy through the 2000s," Barney said. Laos' government handed over a marsh to build a special economic zone as part of a deal to repay the Chinese, who had built a $100 million National Stadium for the 2009 Southeast Asian Games in Vientiane. © AP But will the Laotian public remain silent spectators if their country is carved up by China, debt by debt? Public sentiment has already turned sour against the one-party, socialist state as the mismanaged economy and dollar crunch make it increasingly difficult to pay for essential imports like fuel and cooking gas. "The word on the street among Laotians in business is that the country is becoming a failed state," a Thai investment consultant who has clients in Vientiane told Nikkei. "Never before has the Laotian public been so angry with the government. ... Its legitimacy to rule is being shredded."

so apparently lim tean owes an amount of $4,000+ to a company for their photography services, mentioned at the start of the video, and never pay + MIA. debt collection company goes to his office to recover. skip to 7.58 minutes to watch lim tean in action this is also not his first time owing money https://mustsharenews.com/lim-tean-bankruptcy/ Nowadays debt recovery zai and smart, use facebook live 🙃

https://www.facebook.com/video.php?v=636895009758897&set=vb.487870694661330&type=2&theater hohoho

Guys. . . . Want to check with you guys do you guys have any encounter with overspending of credit cards? I have one friend who have overspend on his credit cards and ready credit and is very stress over this issue. Is there anyway i can help him beside lending him money?

there is pay cash ... and there is pay cash ... lol if i go Hour Glass and buy gold rolie with 24 months 0% interest is "unsecured credit" right? Debt-ridden borrowers given more time to repay bank loans Repayment scheme set up to help borrowers reduce unsecured debt

http://www.straitstimes.com/singapore/debt-collectors-called-in-after-car-deal-turns-sour Mr Yee, 36, bought a Chevrolet Optra from Gold Automobiles in February, but it broke down a few weeks later after suffering problems such as faulty air-conditioning and a defective car key. Mr Yee said he bought it so he could drive his 60-year-old mother between their Ang Mo Kio flat and his aunt's Jurong home, as his mother is caring for his newborn cousin. He had the car towed back to Gold for repairs. "I haven't seen it since," he said. "To my horror, I realised two months later that the car ownership had not been transferred to me."

http://news.asiaone.com/news/singapore/debt-collectors-mocked-funan-stallholder?page=0%2C2 Look at the last pic of the debt collection agency boss (wearing red). He look quite happy. Maybe because the publicity of this will help his business? If people owe me money I think I also will engage this Double Ace Agency! They sure go the extra mile! GEMS! PSB should give them award! The face of the Mata (black shirt main pic) makes me smile. His expression is like 'KNS, you play punk limpeh will punch you right on your ear'.

uh oh.... i/r going up anytime soon? High debt-GDP ratio could hurt in face of global slowdown Bylivia yap THE rapid rise in household debt here, coming amid the uncertainty of global financial markets, has been red-flagged. Kelvin Tay, the regional chief investment officer for the Southern Asia-Pacific for UBS Wealth Management, said the high household debt levels, coupled with high property prices, could make Singapore vulnerable to a rise in unemployment, a reduction in incomes and asset deflation if a slowdown in global economic markets happens. Singapore's household debt - total consumer loans of Domestic Banking Units - stood at 279 per cent of the total gross domestic product in the first quarter of this year, up from 177 per cent in the corresponding quarter in 2007. The 279 per cent figure is even higher than the 198 per cent recorded in the first quarter of 2009, after the 2008 financial crisis. Mr Tay said 80 per cent of household debt here is made up of mortgages, which, coupled with the climb in property prices since 2009, explains why household debt as a percentage of GDP shot up so sharply from 2007. He said: "With (household debt) at such significant levels, it will be difficult for the government or policy makers to stimulate demand to offset the sluggish exports we are currently experiencing." This has been worsened by panic selling of risk assets, such as US high yield and Asian local currency bonds, since the US Federal Reserve's indication last week that it might start tapering its bond-buying programme later this year. Mr Tay said a rise in US treasury yields usually leads to a rise in Singapore government bond yields. As the USD is a major component in the basket of currencies used to manage the SGD, interest rates here usually follow the trends of USD interest rates. "Given the sharp rise in credit growth over the last few years, I would not be surprised if an increase in interest rates is followed by deterioration in the loans portfolio of banks and other financial institutions; this would in turn lead to a tightening of credit supply and a higher cost of financing for credit in general." He still believes the Asian market will continue growing, despite the impending halt of liquidity from the Fed. He rejects the notion that this could lead to a repeat of the Asian financial crisis "because the circumstances of both the global economy and, more importantly, the Asian economies, are now very different from 1994". Mr Tay said the Asian economies, excluding Japan, have strong fundamentals, with total foreign exchange reserves comprising more than half the world's GDP (52 per cent), much higher than in 1994 (23.6 per cent). Corporate balance sheets are similarly healthy, and although the net debt-to-equity ratio increased to 26.1 per cent from 18.3 per cent after the Lehman Brothers' crisis in 2008, this is still well below the 41.8 per cent in 1994, when the Fed began to raise interest rates. Despite a relatively sharp rise in debt over the past few years, the gross debt-to-GDP ratio for Asian economies excluding Japan averaged 46.4 per cent, with GDP growth for this year and the next likely to average 6.3 per cent. This is well above the 3 per cent growth rate for the world. Mr Tay said: "In short, the Asian story not only remains intact, but is also more attractively valued than before. "Compared to the years just before the Asian financial crisis, Asia excluding Japan has significantly more FX reserves, lower net debt-to-equity levels and sovereign debt levels and healthy growth rates."

Dear forumers, thanks for taking time to read my story. hope you can provide me with some solutions and advice on how 2 handle my debtor. what happen was a friend that i've known for 5 years approach me asking for a loan of 10k to help him with his investment. he assured me that once his loan from the bank was approved he will return me the money which he said was about 2 weeks. in addition, he showed me prove that he was also selling his HDB by showing me his post in Propertyguru, saying that he will have the money in no time. being naive, i borrow him the 10k with a IOU stating that he will return me the money as soon as his bank loan is approved. 2 weeks passed and i had yet to hear from him. so i called him up and he start giving alot of excuses saying that the renovation loan was delayed as the banker need to visit his premises to ensure that the renovation was done etc. however, i found out who the banker was through my own means and after talking to the banker. i realised that his loan has been disbursed to him! to make things worse, i contacted his property agent and ask how is his property doing. to my dismay, the property agent said the owner rejected an offer of 330k! ( his price to sell is 340k). now it has been about 4 months since i borrowed him the money but he has yet to return me a single cent. i have considered getting a debt collector to collect back the money but i understand that it is not a guaranteed procedure. the debt collectors will only go up and ask for the money the debtor until he give up.i have also approached lawyer but the fee is 4k to sue him to court. i am at my wits end as i do not know what to do. i have the IOU with his signature. after discussing with lawyers he said my case is 90% win(provided the guy dun declare bankrupt). this has been a traumatic an painful learning experience not to trust people too much.... Appreciate if some brothers give me advice? am open to any low cost methods to collect back my money! thanks in advance!!!

MORE SINGAPOREANS IN DEBT TRAP Big spenders chalk up debts of more than a year's salary from splurging non-stop By Yasmine Yahya, The Sunday Times, 2 Nov 2014 It is so easy these days to shop online 24 hours a day, book a trip to Europe on an instalment plan or even make an appointment for cosmetic surgery in Seoul. So easy, in fact, that more Singaporeans are falling into the trap of overspending and chalking up massive debts. Just over half of those who sought help at Credit Counselling Singapore (CCS) last year landed in debt after splurging on brand- name goods, holidays and clubbing, among other things. "Debtors usually have more than one reason. They may overspend and then become more vulnerable to get-rich-quick schemes, time shares or gambling, and one thing leads to another and the debt gets bigger and bigger," said CCS president Kuo How Nam. "But the first cause is usually overspending because many people are living lifestyles not justified by their incomes." There may be more than 40,000 people who owe more than a year's income from credit cards and other unsecured loans such as personal lines of credit or overdrafts. The Monetary Authority of Singapore estimates that 3 per cent of unsecured credit borrowers' debts exceed their annual incomes. Based on Credit Bureau (Singapore) data showing that 1.44 million people had at least one credit card account at the end of last year, The Sunday Times estimates there to be 43,000 people who had debts of more than a year's salary. Last year, the average debtor who turned to CCS for help owed $84,447 to seven creditors, but Mr Kuo said that figure is skewed by gamblers, who owe the biggest sums. Most others have debts in the tens of thousands of dollars, and they make up a big group. "A lot of it has to do with peer pressure or their own values. Some people say they feel they deserve to indulge themselves - they've worked hard, so they deserve to take more cab rides or a holiday even if they can't afford it," he said. "I asked a debtor once, 'Why did you carry on spending like this?' And the answer was that he was hopeful that some day his income would rise to a level where he could pay off his debt." Financial advisers say that is a common problem. SingCapital chief executive Alfred Chia said e-commerce has made it easy for people to use credit cards to shop round the clock, buying things they do not need. Even small purchases can add up. Travel-related temptations are also pervasive, he noted. "Some travel agencies have tied up with banks to offer trips to places like Europe on interest-free instalment plans so you can pay for your holiday over 12 or even 24 months," he noted. And if you do not make your monthly payments, you end up with interest charges and late fees. Financial planner Damian Pang notices that people are taking more holidays, including "staycations" at hotels in Singapore. "In the past, holidays were seen as a luxury but with so many budget flights now, people take two or three holidays a year. And in the past, we never had staycations. That's a norm now," he said. He is also seeing more clients going abroad, especially to South Korea, for cosmetic surgery. "That's the power of K-Pop. These trips can easily cost $10,000," he said. Financial advisers note that overspenders may not splash out on flying business class or staying at top hotels, but they do overspend on shopping or eating out. "They travel to exotic places, buy branded goods and dine at Michelin-starred restaurants," said Eternal Financial Advisory chief executive Viviena Chin. "The temptation is very high when you are overseas to go crazy shopping. Things are nicer or cheaper and you think you might not come back again soon, so just swipe the card and forget about tomorrow."

A problem of no one checking and monitoring the 'balance sheet' ..... Yahoo news : Surging debt at Malaysia's shadowy fund emerges as new sovereign risk SINGAPORE/HONG KONG, June 2 (Reuters) - Lurking beneath Malaysia's solid investment-grade sovereign rating is a risk posed by a $14 billion investment fund that is not even generating enough cash from operations to cover interest costs. Regarded as a cross between a sovereign wealth fund and a private investment vehicle, with Prime Minister Najib Razak chairing its advisory board, 1Malaysia Development Berhad (1MDB) is struggling under the burden of $11 billion in borrowed money. The government says it only guarantees around 14 percent of the debt. The investment community assumes it would provide more if needed, and it is the potential strain on Malaysia's debt position from these contingent liabilities that raises concern. "We don't know how well 1MDB is doing," said Christian de Guzman, senior analyst of sovereign risk group at ratings agency Moody's Investors Service. "It does pose a risk in terms of the amount of borrowing they have made over the past few years." Controversy has dogged 1MDB almost since it was first set up months after Najib came to power in 2009, and used for funding projects that form part of his Economic Transformation Program. Critics have questioned its investment choices, the size of its debt, $2.25 billion parked in a Cayman Island fund, hundreds of millions of dollars of revenue earned by Goldman Sachs for handling its bond issues, delays in its accounts, changes of auditors, and a perceived lack of transparency. A $1.9 billion bridging loan that fell due in November has been rolled over twice, most recently two weeks ago, in order to give 1MDB more time to launch a $2 billion initial public offering that would reduce debt incurred buying 15 power plants. In a statement published on May 23, 1MDB said the IPO for its power division will take place in the second half of this year. In 2013, 1MDB, with liabilities of more than $13 billion, generated cash flow of 860 million Malaysian ringgit ($267.75 million) from operations, far below the annual interest outgo of 1.62 billion. It would have made a 1.85 billion ringgit loss, but for a 2.7 billion ringgit revaluation of its property portfolio. (http://link.reuters.com/vuc59v) Report very long, to read more, link: https://sg.finance.yahoo.com/news/surging-debt-malaysias-shadowy-fund-210000142.html errrrr.............. in the first place, is there any 'balance sheet' to be checked ....

Source: http://business.asiaone.com/print/news/personal-finance/35-and-flat-broke/page/0/3 She's 35, single and has worked for over a decade. She earns $5,000 a month and has no mortgage to worry about. And yet Lisa*, a publishing executive, barely has any savings to her name. Oh, and she's $20,000 deep in credit card debt. "It's been this way for years... I don't know when or how I'm going to pay that sum off ," she admits. She allocates about $3,000 each month to her rent, phone and utility bills. A large chunk of the remainder goes into paying off the debt on her three credit cards. But to make matters worse, she's been regularly rolling over the amount owed for the past 10 years, which means the sum has been snowballing. How did it get to this? Blame it on her shopaholic tendencies. She has a taste for designer bags and shoes, and enjoys eating at posh spots such as Mezza9, Otto Ristorante and Catalunya, easily racking up bills in the hundreds every time. And when she travels? You can bet she's staying at five-star resorts in Thailand and Bali. Sally*, 38, an accounts executive, owes her credit card company $7,000 even though she earns a comfortable $6,000 a month. She splashes out on designer bags, expensive holidays to exotic destinations like the Maldives and Fiji, and fancy toys and clothes for her fi ve-year-old son. Every month, she tries to dedicate at least $2,500 to servicing her credit card debts - but she always falls short. As long as she can remember, she's been struggling to pay off purchases she made months ago. Worse, her sales manager husband - whom she calls the "conservative, frugal one" - has no clue. She borrows a few hundred from him whenever she's desperate, but only as a "last resort". "The amounts are small, so he never suspects, but if he found out the whole truth, he'd be shocked," she confesses. NEXT: Taxis, spas and other splurges leave her in $15k debt ROLLING IN DEBT Lisa and Sally aren't the only ones in credit card hell. Across Singapore, 30-something career women with no kids or mortgages are chalking up dizzying amounts of debt. According to Credit Bureau Singapore, women aged 30 to 34 who have unsecured credit (this includes credit cards) owe an average of $5,445 each. And as of July last year, 62,830 unsecured credit customers had not made a minimum payment in two months - a striking 12.7 per cent jump from the previous year. How did we get to this stage? Sure, we can blame it on low interest rates and aggressive lending by banks in recent years. But experts say the main reason hits closer to home - we're just spending way more than we should. Instant gratification is a hallmark of our generation, says Roy Walker, principal consultant at IPP Financial Advisers (Singapore). Unlike our parents and grandparents, who scrimped and saved, we want it all and we want it now. He adds: "No matter how much fi nancial education or resources they have, folks who need that instant gratifi cation will always have a problem managing their money." BIG EARNERS, BIG SPENDERS Even high-flyers in senior positions are guilty. They splurge and don't know how to budget, which means that they too are falling prey to the crushing effects of debt. Take Stephanie*, 33, who is single and still lives with her parents. Though she's an art director at an ad and marketing agency and earns a decent $4,000 a month, she's mired in credit card debt totalling $15,000, which she's amassed since 2007. "I go to the spa every week for massages, mani-pedis and hair treatments; I take cabs everywhere; I eat at expensive restaurants twice a week; and I'm always treating friends to drinks when we go out - I like being generous and I feel bad because my friends don't earn as much as I do," she explains. She spends close to $2,000 a month on herself, leaving her with half her salary to pay off her three credit cards - nothing goes into her savings. "I know I should cut down on my spending, but it's hard for me to give up my indulgences," she laments. Stephanie recalls several incidences when she depleted her bank account the day before payday and didn't have enough to take a bus or train home. So she'd walk home from her office near Chinatown to her flat in Bukit Merah - a one-and-a-half-hour journey. "I was too proud to ask my parents, siblings or colleagues for money. Walking home one night, I promised myself I'd manage my money better... but I just haven't been able to nip this crazy debt in the bud," she says. She adds: "I admit that I feel powerless when it comes to money. The second it's in my hands, it disappears. I'm always telling myself that I deserve new things or treats." "I hate the situation I'm in, but I don't know where to start taking control over what I earn." Clara*, 34, and her husband Dennis*, 36, both lawyers, have a combined salary of $17,000 a month. So when they tied the knot three years ago, Clara assumed they could easily aff ord a big wedding in Bali and a nice condo. They went ahead with these, but she now estimates that they'll spend several years paying for their splurges. "We spent $100,000 on our wedding, a six-figure sum on our condo in a prime district, and even more money renovating and outfi tting it with expensive furniture," she says. "We had a budget, but I'm embarrassed to say that we busted it. We thought we could afford it all - but we barely did. Now, we're up to our necks in debt, amounting to about a couple of hundred thousand dollars." Th e couple are also servicing a loan they took out for their wedding and honeymoon. "That will probably take us three years to clear," she says. The situation is serious enough for Clara and Dennis to delay starting a family. Having a child now would only mean digging themselves deeper into debt. GETTING YOUR ACT TOGETHER Living simply and within your means is the key to staying out of debt, says certified fi nancial planner Daniel Tan. "Some people borrow money just so they can go on holiday, others drive cars that cost way more than they can afford… They can't distinguish between needs and wants, so they make poor money decisions that keep them in a vicious circle of debt." Clara and Dennis have learnt this the hard way and are now slowly building up a small nest egg for their retirement. "We've cut back on holidays, extravagant purchases and socialising," she says. These days, they take the train to work even though they own a car and limit themselves to one nice meal a month instead of splashing out on fancy dinners several times a week. Clara has also had to cut down on the allowance she gives her parents every month. The couple hope to be out of debt in a few years, and only then will they be thinking about having kids. "It's sad because I was hoping to be a mum by my 35th birthday," says Clara. "It doesn't look like that's going to happen now." *Names have been changed.

http://business.asiaone.com/personal-finan...-debt-save-face

what is this guy talking about?

http://www.bloomberg.com/news/2013-05-12/c...tered-debt.html

<h2 style="font-size: 14px; color: rgb(138, 33, 3); font-family: Arial, Helvetica, sans-serif;">The Government of Singapore Investment Corporation has agreed to underwrite

Debt or Saving? Mr A said that, he is going to clear his debt by the end of the month which is $200 dollars he borrowed from Mr C due to cash flow problem. Mr B that explained, that Mr A is not with debt, because he have bought a car fully paid, he can simply sell his car to clear the borrowing. Therefore, technically, his net worth denied him as with debt. In fact Mr B explained that Mr A in not with Debt but with saving even if he owed Mr C $200. Simply because of his investment in car which can be liquified to clear that borrowing, and that assest is also considered a form of saving. Conclusions: - Mr A own a fully paid Car - Mr A owe Mr C $200 - Mr A bank acocunt have no cash Now The Big Question is : Which Catagory is Mr A? 1. With Debt, With Saving 2. With Debt, No Saving 3. No Debt, No Saving 4. No Debt, With Saving

Yahoo report : Why Most Singaporeans Are in Debt By Aktive Learning | MoneyMatters.sg The current starting median pay for polytechnic graduates is $2,000, while for University graduates it is about $2,700. The median salary per month for Singaporeans in 2011 is $2,710. I really wonder how Singaporeans can stay out of debt if they continue to spend. An example of a typical Singaporean couple Take for example a Singaporean couple who falls in love and decide to settle down. The man is in his thirties and woman in her twenties. They have a combined income of about $8,000. The man buys a proposal ring that costs $7,000 (Larry's brand as girlfriend likes it). The couple also buy a pair of engagement rings that costs $6,000 (Cartier due to peer pressure). The wedding photo package costs $6,000, wedding dinner costs $7,000, honeymoon to Korea $3,000. They then decide to apply for a DBSS flat after countless tries with HDB's BTO without success and have to cough up $350,000 (by taking up an HDB loan and wiping out their CPF and savings). They then spend $20,000 on minor renovation and furniture. The man decides to upgrade his car as he could not resist the latest continental car design and coughs up $100,000 (by taking a car loan). The man likes to collect watches, saw the latest Rolex and could not resist it. He has no cash but buys it for $12,000 with an interest free 24 month installment since it is so cheap per month. Then the man tells himself that if he loses his job, he is finished. He is stuck in a rat race and saves on food, entertainment and transport cost. He does not drive his continental car to areas with ERP and instead takes the MRT there. The wife is in the finance industry, and with many banks doing cost cutting, she is very concerned now as she realizes she has nothing much to do during office hours. The above is a real life story. The only way the couple could afford all that is if they belong to the high earners group, if they have financial assistance from their parents or if they are born rich. Unfortunately, they are not. We have not even talked about Singaporeans with lower earnings. How Singaporeans get themselves in debt Most Singaporeans will be in debt if they do the following: 1) Earn less than what they spend 2) Have no savings 3) Lose their jobs 4) Stay in a company for too long without promotion and their company pay them pathetic bonuses 5) Spend on liabilities 6) Do not delay gratification 7) Marries somebody that likes Cartier or Larry's 8 ) Do not invest To avoid racking up debt and getting stuck in the rat race, don't do any of the above! For the first part, very true and still some elected ppl still don't believe and says some of the things are still affortable... Housing can easily make up 40% of the debt with a repayment period of 25 ~ 30 years and some $$$ have to set aside for insurance ......

Just curious if anyone knows what happens when a maid (domestic helper) can't pay their debt collector? Is it simply a matter of them leaving town and then escaping the debt, or does it catch up to them in their home country too? Anybody experience this before?

, with strong backing, everything is possible... http://news.asiaone.com/News/Latest%2BNews...429-342748.html

Several months back, I wrote about supercars left abandoned in two Middle Eastern countries. One of them is a Ferrari Enzo that has been impounded in a Dubai police impound lot. That particular Ferrari is still sitting in the same impound lot and it, together with other luxury cars, might have a better and brighter future. The authorities in Dubai have decided to auction off the Ferrari and 23 other luxury cars. Failed entrepreneurship was the reason why these cars were left behind but the best question to ask right now is; who is the person who did this? Apparently, the owner of the Ferrari Enzo is believed to be a British citizen who bought the car and then fled the country 20 months ago when he/she could not afford to pay the loan and traffic fines. Being in debt in the country is a crime and according to an official in Dubai

as expected after the wayang show....the gravy train rolls on ----- Obama announces agreement to avoid debt default Posted: 01 August 2011 0859 hrs WASHINGTON: US President Barack Obama announced late Sunday that he and top lawmakers had reached an 11th-hour deal to avert a disastrous debt default that would have sown chaos in the world economy. "I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a devastating effect on our economy," Obama said in hastily announced remarks at the White House. In the US Congress, leaders of the Democratic-held Senate and the Republican-led House of Representatives said they would present the framework to their rank-and-file on Monday ahead of final votes to approve the deal. "We're not done yet: I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days," Obama said, with time running short before a midnight Tuesday (0400 GMT Wednesday) deadline. The US government hit its debt limit on May 16 and has used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating normally -- but can only do so through August 2. Business and finance leaders have warned default would send crippling aftershocks through the fragile US economy, still wrestling with stubbornly high unemployment of 9.2 per cent in the wake of the 2008 global meltdown. Without a deal, the US government would have to cut an estimated 40 cents out of every dollar it spends, forcing grim choices between defaulting or cutting back programs like those that help the poor, disabled and elderly.

Very well explained..

They shud have let him die when he threatended suicide. Keep this type of useless son for wat? Yahoo News Gambler busts 5 credit cards to pay S$200k debt Just what have casinos done to Singaporeans? In yet another case of a gambler out of control, a 29-year-old engineer not only busted five credit cards to pay off his gambling debts, but he also borrowed from nine credit companies to fulfill his payments, reported AsiaOne. And that wasn't all