Why Most Singaporeans Are in Debt
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MMM:
Yes, me too. Plenty of credit cards to make the most out of banks' promotion. For instance, some banks give cash rebate eg. Maybank 5% rebate at NTUC & Popular, Standard Chartered give 2% rebate on their debit cards (for those who are worried about credit cards)
Yes it's true and sometimes certain card have promotion and hence you get more discount when you used those cards. I use my credit card all the time. Key thing is not to let the bill roll over. Always ensure you settle it every month.keroppi:
Interesting, mychildren. I am the exact opposite.
I use my credit card to pay whenever possible and chalk up on points to exchange for vouchers, eg Best Denki so I can replace some household items for free. But I never let my credit roll over and I foot my bills on time so using credit card in itself may not be a bad thing. You can always call the bank to lower the limit on your credit if you are afraid of overspending.
I've never and won't overspend la, just treat credit cards like 'cash', got to settle bill eventually anyway. Key is to settle bill in full each month -
No worries, to be different.
Everything can be useful if use properly and likewise the other way round.
(Its only because I saw my ex-colleague got into trouble because of credit cards.) -
But how can we be debt free? We need to pay our mortgage and car loan. With growing kids and 2 sets of aging parents to support, we are really stretched. Luckily education is affordable. We are glad that we are able to take care of our parents, but we live in fear of unexpected medical bills. That will eat into our disposable income, and will surely cripple us. Maybe need to look for Ah Long.
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My staff showed me an article in the chinese papers. No idea if it is recent or old papers. And as my chinese cmi, she read it for me.
Couple with 5 school going kids and another on the way. Household income $1800. Utilities takes up to about $300/mth, groceries about $450/mth. Birthdays are celebrated at home with a small cake, they buy a set of toy and all 5 kids will share the toys. And they still manage to have some savings.
This family is rather amazing. -
and the strange thing in Spore is that only the lower income group is procreating but not the higher income group. Maybe different expectations in life hiaz!
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Imp75:
and the strange thing in Spore is that only the lower income group is procreating but not the higher income group. Maybe different expectations in life hiaz!
Partly cos they spend longer time in school, then time to embark on their careers, time to look for suitable life partners ... Lotsa opportunity costs and time is running out. -
Mawar:
But how can we be debt free? We need to pay our mortgage and car loan.
Spend within your means. Better still, spend beneath your means so you can accumulate some savings too. -
We were debt free 6 years ago. Have to make do without fancy big house, expensive long haul trips, frequent meals at restaurants to reach our debt free target.
Now without any loan commitment, we can easily save > 50% of take home pay because we're still living beneath our means Somehow got used to being soooo thrifty so we find it hard to spend 'unnecessarily'. -
Imami:
Hahaha imami, you more \"Ai sai\" than me lah..... i wore a watch though DKNY but i got from a lucky draw, prior to this, i dont have a watch. [cos i always lost it] Wedding band was >$280, bought almost 18yrs ago. Why i so cheap skate :). Since then i was given a cross pendant and chain (i think $200+) , and a 'diamond look a like' ring ($200+ as a Mother's day gift).
Indeed. Not everyone goes the same way. Even till now, I am only wearing a $288 solvil et titus watch and I have been wearing it for 7 years. Is a Larry, Tiffany or whatever rock really that nice? I don't know... I am still wearing the $488 (for a pair) wedding band my hubby had bought with the savings from his ns pay.Imp75:
I was once young and earning that kind of salary that was described but I don't find myself getting into unnecessary spending debts for Larry's or Rolex or Cartier so boils down to values -
I use handphone to read time. Don't own a watch :evil:
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