Many individuals begin their educational career repeating this mantra over and over: “I will not accumulate debt. I will not accumulate debt. I will not accumulate debt.” No matter how many times you say it, it still doesn’t change the fact that a large percentage of individuals find themselves in debt for most of their
FACT #1: SINGAPORE’S DEBT-TO-GDP RATIO RANKS THIRD IN THE WORLD With a Debt-to-GDP ratio of 382%, Singapore ranks third in the world according to a 2015 report published by McKinsey Global Institute. The global report found out that Japan lead with 400% followed by Ireland and Singapore. This significant percentage includes the total debt of
Hiking up successfully to a mountain of debts is a difficult task to anyone but, it is doable. All you need to get started is the application of money management skills. The first step is to take a hard look at your cash flow. It is important to track where your money is going through
TO LOW FOR COMFORT Reason: Credit card is a highly convenient tool for payment; however, it can also be a very costly method for loaning money. If your paycheck is insufficient and you are using cards to cover your necessities such as weekly groceries or electricity bills, you will be put in debt for a
The credit card is one of the most powerful tools of our nation’s consumers. With that power comes great responsibility. Financial problems can occur if you are missing your credit card bills’ deadlines, constantly transferring balances, and paying your primary card debt with a supplementary card. In Singapore, over 9 million credit cards were issued
