Gov Lowers CreditCard Min Income To $20k

[makapaaa]

<TABLE id=msgUN cellSpacing=3 cellPadding=0 width="100%" border=0><TBODY><TR><TD id=msgUNsubj vAlign=top> Coffeeshop Chit Chat - Gov Lowers CreditCard Min Income To $20k</TD><TD id=msgunetc noWrap align=right>

Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">SGNEWSALTE <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">3:30 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 2) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>7950.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Instead of promoting fiscal prudence for the lower income group, the govt is now encouraging them to go into debt spending. MAS had announced today that wef 1 Mar, the minimum annual income for credit card will be lowered from $30k to only $20k. This policy change by the PAP govt cannot come at a worst time than now. This is not the time to encourage the people, especially those from the lower income bracket, to get into any sort of credit card debt. Is the PAP govt doing this to boost domestic spending and save the financial institutions and credit card companies at the expense of making more people backrupts? Isn't the PAP govt concern about rising delinquency in credit card debt as reported just yesterday? As for boosting domestic spending, didn't MM Lee stated clearly that it will not help when responding to the suggestion of giving handouts for citizens to spend. The PAP govt is against giving such handouts, but instead is in favour of citizens go into debt to boost domestic spending. This is simply fucking outrageous!

http://www.businesstimes.com.sg/sub/latest/story/0,4574,320821,00.html?
Minimum income for unsecured credit facilities cut to S$20K/yr: MAS

By SIOW LI SEN
Financial institutions (FI) from March 1 can offer unsecured credit facilities to individuals with a lower annual minimum income of $20,000 from the current $30,000, the Monetary Authority of Singapore (MAS) said on Wednesday. </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[ahbengsong]

a selfish move to encourage spending to boost the local economy.. the pap does not trust its people to save money (by holding the money in cpf) and yet trust the people to spend money ???

 

[makapaaa]

66%: Wah! So good ah? Thank you ah!
Papaya: So donch cum to me when $ no enuff hor! U know where to get cash hor! *hee*hee*
66%: Yes, SIR! *hee*hee*

 

[besotted]

if used properly can roll

 

[myfoot123]

I pity many young Singaporean will be made bankrupt even before they earn their first bread.

 

[sunny302]

Better hold our horses cause lowering of the minimum income qualification doesn't mean automatic approval for yr application 4 unsecured credit lah!

 

[besotted]

jokers, lower also complain?

the individual has to take responsibility lah or face the consequences

wah lau...

 

[sunny302]

if used properly can roll

If you continue to roll, yr payment history captured in CB will show that you have poor credit standing and may put you in the "high" risk group.

 

[sunny302]

lower also complain?

Not complaining lah...just highlighting the facts as they are

 

[Cestbon]

Make more people bankrupt. Many new creadit Card owner will apply for as many card as they can. Each bank take $3K~$4K then poor will become poorer and next time PAP will make new law that theirs children are compulsary to take over the debt if their parent bankrupt or die.

 

[singveld]

pap is desperate now
they want the youth of singapore to borrow recklessly with their credit cardS
to help save the economic


credit card is evil.

 

[congo9]

20k to qualify for a credit card ??????? Why did the goverment allow that ?

 

[RealSingaporean]

20k to qualify for a credit card ??????? Why did the goverment allow that ?

sum is not a problem. the problem is the mind set.

honestly this country have no futures under current party government.

 

[dc7176]

New rules is not for credit card!! n not exceedin $3000. This actually is goot for ppl who need urgent cash... but if ppl anyhow spend it's their responsibilities!!

http://www.channelnewsasia.com/stories/singaporelocalnews/view/411405/1/.html

SINGAPORE: From next month, more people will be eligible for unsecured credit facilities. The Monetary Authority of Singapore (MAS) has lowered the minimum annual income requirement from S$30,000 to S$20,000.

However, this lower limit does not apply to credit cards and remains unchanged at S$30,000 for individuals at or below 55 years of age and S$15,000 for individuals above 55 years of age.

MAS said the new rules state that borrowers with an annual income of less than $20,000 can only take a small unsecured personal loan not exceeding S$3,000, with the interest capped at 18 per cent per annum.

 

[makapaaa]

pap is desperate now
they want the youth of singapore to borrow recklessly with their credit cardS
to help save the economic


credit card is evil.

Which goes to show that while the Papayas are the BEST paid in the world, the average peasants' pay is getting from bad to worse to close to nothing. In other countries, this is recipe for REVOLT!

 

[singveld]

oh yes, did they confirm it is not credit card, but loans only.

this is better. at least credit card has not change.

pap trying to create more money by making it easy for the sinkies to borrow money,
as you already know, when sinkies go to bank to borrow money, the sum of the loan are new money created from thin air which would help singapore economic in the short term.

i wish these people will find a way to pay back the bank, it is harder to make money in these economic depression.

 

[sunny302]

they confirm it is not credit card, but loans only.

OIC. Thks for the clarification

 

[commoner]

aiya lowering unsecured loans to $20,000 for the lower income group simply because these guys always wanted to use their cPF money,,,, with loan lowered, these guys can borrow from bank and not always thinking of their money in CPF,,,

smart move by govt

 

[johnny333]

These credit cards limits based on ones income obviously don't work. Look at how much debt 'qualified' people are carrying around.

In places like Canada even a school kid can get a card if he's had a job.

Credit cards are useful if you need to rent a car or book a hotel.
I remember how the production workers of my company who had to visit the companies other facilities overseas had a problem with the hotels because they didn't have a credit card.

 

[singveld]

These credit cards limits based on ones income obviously don't work. Look at how much debt 'qualified' people are carrying around.

In places like Canada even a school kid can get a card if he's had a job.

Credit cards are useful if you need to rent a car or book a hotel.
I remember how the production workers of my company who had to visit the companies other facilities overseas had a problem with the hotels because they didn't have a credit card.

yeah. that is true, credit card is good for porn on the internet, buying tickets and hotel booking. especially if it is above certain value, the credit card company will cover you , if the airline or hotel gone bust. if you pay by other means, you get nothing back. if you use credit card, the credit card company have to get the money themselves.

The bad outweight the good. i have credit card from the first year of work until today. so, i have experience with credit card, it is evil.