Here is a post of how much debt Singaporeans are in according to MAS (Monetary Authority of Singapore)
SINGAPORE : As economic growth heads south, debts are going up.
And the combination “will push many individuals into financial difficulties as jobs and income become affected”, Credit Counselling Singapore (CCS) said on Thursday.
Preliminary statistics in August from the Monetary Authority of Singapore show that total debt to individuals stand at S$112 billion – almost 10 per cent up over a period of 12 months.
In particular, credit card rollover debt has ballooned to S$3.3 billion, an increase of S$296 million over the 12 months against a S$94-million increase for the previous 12 months. Housing loans are also up S$6.6 billion.
“Singaporeans have been piling on debt at a fast rate,” said CCS president Kuo How Nam, who cited the statistics in a letter to the media.
There was also a S$2.5-billion (18.4-percent) jump under “other loans” (facilities given for unspecified purposes) to individuals, taking the total amount to almost S$16 billion. The previous year’s increase was only S$584 million for this category.
I believe that there some credit cards out there which will really help you save money with their reward programs but if you find that your credit bill are suffocating you, try to plan out your daily and monthly budget and spend only on the basic needs, leaving the rest to pay for your bills.
Continue to spend your “future money” and there maybe no future left for you to enjoy, only paying your bills.
