Sub-prime issues in Singapore

[Herk]

Ever wondered if this will affect our tiny country of 500,000 cars population?

Ever since the credits allowed easy borrowing, 100% loans, etc etc..... A lot of ppl who just scrape their monthly salary are buying cars and breathing jus above the waters. I noe of at least 9 of my colleagues/frens/relatives who did that.

Say salary S$1500.00, spends S$800 on instalments and 200 on fuel. Left 500, so scrimp and save on every thing possible.

So if sudden recession, wun we see the crippling effect?

What say u?

[Twnll]

I suppose you are talking about take home of $1500. I doubt can get a loan with $800 installment. Maybe an OPC with $300 installment would be OK. Still got a car for the family for the weekends rite?

 

If need a car to get around and do sales, I think the sales person better have at least a $2.5K salary plus $500 for transport allowance. How to expect the poor guy to buy car and do outdoor sales for $1.5K salary??

 

I believe bank lending is on the prudent side of things.

[Gnoikj]

The arrogance, stupidity, vanity and sheer ignorance of man can never be under-estimated...

 

I've known idiots who, with 2.5k take home have bought a brand new wrx...no guesses how long he lasted...

[Ghostami]

Maybe they believe in cheng jing yong you can le. At least he own the wrx once. But I also known of people like that and they have hugh credit card bills along with it. That is why I don't really support credit cards, I believe in buying within your means.

[Meecar]

for once I must say

 

lousy investment strategy

 

if they continue

 

whole life will be stuck where they are now

 

where is the capital to generate more money

 

silly

 

 

[Jesuschrist]

[Apollo]

only though who got $99 monthly instalment kena jialat jialat.

 

the rest not so jialat.

[Thug]

Many tot of the instalment only. Forgot about the petrol, parking, fines and the once a yr insurance and rd tax that really kills.

 

Damn...rd tax coming end of this month....

[Thug]

Right on bro!!

Credit cards really cause alot of trouble to youngsters.

 

THe most get a credit card that can help u save on petrol.

The rest try to use cash...

[Ghostami]

I Agree, and with the recent card that promotes no min income, I really worry for the future generation when u see that young kids have all the flashy stuffs, think alot of parents would be having headaches paying for their kids bill..

[Gnoikj]

Well, if the parents are dumb enough to give their kids a credit card, they should pay for it...

[Speedsun]

Giving kids credit cards are not wrong or a sin, but importantly parents have to teach their children money management mindset instead.

 

The big question is do parents themselves know how to manage money in the first place?

[Rollagt]

Take home 2.5 can tahan Rex ah.

Maybe single can but eat bread everyday.

[Gnoikj]

what big ticket items require do the kids need to buy for themselves without having to consult the parents? Such that they require a credit card???

 

If they were overseas studying, then maybe its justifiable...at home, in our sunny little rock, is it a need? or a want?

[Herk]

But why do tat? Cannot save , no contigency cash......etc etc Doesn't make u rich or look rich.......

I thought with more educated youngsters, they will be more savvy with their financial status. Unlike the time when our parents worry about hand stop mouth stop.

[Gnoikj]

A bit better than bread...cup noodles... Then when go out with us, ask us to pay for meals...always say "I provide transport leh, u all pay the makan"

[Zakuii]

Don't think Singapore has any sub-prime loans cos' all the banks here super kia si. will not anyhow give housing loan.

 

but then again, singapore is affected by something else: Bankruptcy!

[Speedsun]

Bro, doesn't mean big ticket items then require to have credit cards, this is totally wrong mindset. Money management is how you manage your cash flow.