Category Archives for Debt
POSB Everyday Card Improvements
The POSB Everyday Card had been recently improved with better rewards. The POSB Everyday Card was first launched by POSB in 2005 and is one of the more popular credit cards in Singapore. It offered a 1% cash rebate if you set up a recurring bill payment for utilities like SP Services or Starhub bill […]
New Rules for Credit Cards and Unsecured Debts
MAS has finalized some new rules for credit cards and unsecured debt lending. This follows a public consultation exercise in Jan 2013. The tightening of easy credit is a good thing to prevent people from falling into a debt spiral. Some of the key policy changes include: (a) Financial institutions (FIs) will need to review […]
Spending Lavishly Using Debt
When I first read the story about a real estate agent who got into a debt of almost $100,000 by the age of 27 because of her foolish spendings, it reminded me of a famous saying: Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t […]
Loan Restrictions Lifted Temporarily for Purchase of Pre-Existing Stock of Used Cars
It appears that the sudden implementation of the car loans restrictions was too hard for the industry to swallow and MAS has to give some concessions now. As a result of the appeal by used car dealers, MAS has decided to lift the loan restrictions on car loans for a period of 60 days for […]
Paying Less Interest in Car Loans?
I initially thought that consumers will be able to pay much lesser interest to the finance companies for car loans due to the reduction in car loan tenure from 10 years to 5 years. Unfortunately, the banks have already started to increase their interest rates to reflect on the shorter loan tenure. One bank has […]