Stary Supercharged Sunday at 10:15 AM Share Sunday at 10:15 AM (edited) On 11/8/2024 at 3:10 PM, Ginyu said: Notice quite a number are living on credit, for only a few items of groceries or a cup of coffee also need to use Visa to pay? Not those debit ones but the credit type🤣 Besides the purpose of collecting cashback and reward points, another key reason why people are using credit card to pay for minor things is that they probably have those high interest savings "multiplier" accounts promoted by the banks in the last 4-5 years. To earn that high interest , there is a slew of conditions to meet such as crediting salary into it, charge $x/month of credit card bills, x number of GIRO payments, etc, etc. And so they use their credit card to clock the amount of $ needed to earn that high interest. Edited Sunday at 10:17 AM by Stary ↡ Advertisement 4 Link to post Share on other sites More sharing options...
Ginyu 4th Gear Sunday at 10:40 AM Share Sunday at 10:40 AM On 11/10/2024 at 6:15 PM, Stary said: Besides the purpose of collecting cashback and reward points, another key reason why people are using credit card to pay for minor things is that they probably have those high interest savings "multiplier" accounts promoted by the banks in the last 4-5 years. To earn that high interest , there is a slew of conditions to meet such as crediting salary into it, charge $x/month of credit card bills, x number of GIRO payments, etc, etc. And so they use their credit card to clock the amount of $ needed to earn that high interest. Are they the minority or majority?🤣 Link to post Share on other sites More sharing options...
inlinesix Hypersonic Sunday at 10:45 AM Share Sunday at 10:45 AM On 11/10/2024 at 6:40 PM, Ginyu said: Are they the minority or majority?🤣 Total CC debt: $20b Rollover balance: $7b (35%) Bad debt: $89.4m (5%) What you think? 2 Link to post Share on other sites More sharing options...
Throttle2 Supersonic Sunday at 10:51 AM Share Sunday at 10:51 AM On 11/10/2024 at 6:40 PM, Ginyu said: Are they the minority or majority?🤣 why no money still want to buy? Hai……..🤦🏻♂️ 3 Link to post Share on other sites More sharing options...
Ginyu 4th Gear Sunday at 11:50 PM Share Sunday at 11:50 PM On 11/10/2024 at 6:51 PM, Throttle2 said: why no money still want to buy? Hai……..🤦🏻♂️ To keep up with the jones and impress people that they don’t even know🤣 Link to post Share on other sites More sharing options...
Throttle2 Supersonic Monday at 01:40 AM Share Monday at 01:40 AM On 11/11/2024 at 7:50 AM, Ginyu said: To keep up with the jones and impress people that they don’t even know🤣 2 4 Link to post Share on other sites More sharing options...
Spidey10 Supercharged Monday at 02:14 AM Share Monday at 02:14 AM On 11/10/2024 at 6:51 PM, Throttle2 said: why no money still want to buy? Hai……..🤦🏻♂️ coz neighbour buy, so need to buy to show that I also got.... 3 Link to post Share on other sites More sharing options...
Spidey10 Supercharged Monday at 02:18 AM Share Monday at 02:18 AM On 11/10/2024 at 6:45 PM, inlinesix said: Total CC debt: $20b Rollover balance: $7b (35%) Bad debt: $89.4m (5%) What you think? i wonder how many % use this to pay condo instalment......jia lat.. $20B is no joke...and bad debt is only 5%? i would provide a higher amt for those categorized as rollover $7b for bad debt....dunno how many % there will become bad...jin cham! Link to post Share on other sites More sharing options...
Stary Supercharged Monday at 03:13 AM Share Monday at 03:13 AM (edited) On 11/10/2024 at 6:40 PM, Ginyu said: Are they the minority or majority?🤣 dunno and dun care..... credit card is not my interest since I am not eligible to apply ( cos no celery) lol..... Edited Monday at 03:15 AM by Stary 3 Link to post Share on other sites More sharing options...
bsswan 6th Gear Monday at 03:59 AM Share Monday at 03:59 AM On 11/11/2024 at 10:18 AM, Spidey10 said: i wonder how many % use this to pay condo instalment......jia lat.. $20B is no joke...and bad debt is only 5%? i would provide a higher amt for those categorized as rollover $7b for bad debt....dunno how many % there will become bad...jin cham! It's not the $20b itself being a problem, it's the whole $7b+$90m that will highlight the gravity of those struggling and the number of people in that situation. It's no joke to pay cc interest on late payment. 5 Link to post Share on other sites More sharing options...
Ginyu 4th Gear Monday at 05:28 AM Share Monday at 05:28 AM On 11/11/2024 at 10:18 AM, Spidey10 said: i wonder how many % use this to pay condo instalment......jia lat.. $20B is no joke...and bad debt is only 5%? i would provide a higher amt for those categorized as rollover $7b for bad debt....dunno how many % there will become bad...jin cham! They have to borrow either to sustain their lifestyle or fight inflation through loan🤣 Link to post Share on other sites More sharing options...
Ginyu 4th Gear Monday at 05:46 AM Share Monday at 05:46 AM On 11/11/2024 at 11:13 AM, Stary said: dunno and dun care..... credit card is not my interest since I am not eligible to apply ( cos no celery) lol..... Aiyo nowadays even no celery , the bank also offer you. They only need know if you want or not then the card will be delivered within a week or so🤣 Link to post Share on other sites More sharing options...
Stary Supercharged Monday at 05:48 AM Share Monday at 05:48 AM On 11/11/2024 at 1:28 PM, Ginyu said: They have to borrow either to sustain their lifestyle or fight inflation through loan🤣 Besides the credit card debt, the increase (year-on-year) in the rest of the loans are pretty much inline with wage increment percentages. As for the increase in credit card debt, those are serious, but well, their parents will settle it for them either when alive or dead (inheritance). lol......😄. No scare, no scare..... Link to post Share on other sites More sharing options...
Throttle2 Supersonic Monday at 05:51 AM Share Monday at 05:51 AM (edited) That one was about 6 mths ago. this one is latest inOct https://www.straitstimes.com/business/increase-in-number-of-people-seeking-help-for-unsecured-debt-problems Edited Monday at 05:52 AM by Throttle2 Link to post Share on other sites More sharing options...
Stary Supercharged Monday at 05:52 AM Share Monday at 05:52 AM On 11/11/2024 at 1:46 PM, Ginyu said: Aiyo nowadays even no celery , the bank also offer you. They only need know if you want or not then the card will be delivered within a week or so🤣 Sure or not......so lax now? Long time ago I remember I need to submit some documentation proof of celery.... Link to post Share on other sites More sharing options...
Spidey10 Supercharged Monday at 05:53 AM Share Monday at 05:53 AM On 11/11/2024 at 11:13 AM, Stary said: dunno and dun care..... credit card is not my interest since I am not eligible to apply ( cos no celery) lol..... that's an advantage....pay everything by cash! cannot afford no need to buy....best situation in the world...can sleep very soundly at night... Link to post Share on other sites More sharing options...
Spidey10 Supercharged Monday at 05:56 AM Share Monday at 05:56 AM On 11/11/2024 at 1:48 PM, Stary said: Besides the credit card debt, the increase (year-on-year) in the rest of the loans are pretty much inline with wage increment percentages. As for the increase in credit card debt, those are serious, but well, their parents will settle it for them either when alive or dead (inheritance). lol......😄. No scare, no scare..... so basically nothing for savings from their increment....what they get is what they spend....huat ahhh... suddenly kena sotong goreng.....sure huat like mad... 2 Link to post Share on other sites More sharing options...
Ginyu 4th Gear Monday at 07:33 AM Share Monday at 07:33 AM (edited) On 11/11/2024 at 1:52 PM, Stary said: Sure or not......so lax now? Long time ago I remember I need to submit some documentation proof of celery.... I got my card even I have retired. The bank just call me and ask if I want it🤣 Edited Monday at 07:40 AM by Ginyu ↡ Advertisement 2 Link to post Share on other sites More sharing options...
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