http://business.asiaone.com/Business/News/Office/Story/A1Story20090428-137957.html
Tue, Apr 28, 2009
my paper
Jobless should swallow pride and get help
THE way Singaporeans take on huge mortgage loans to buy property worries me.
During good times, many rush to buy homes which are beyond their means.
When things go sour, they do not have a backup plan.
Working couples simply make their calculations based on the amount both parties have in their Central Provident Fund accounts and plough that into a mortgage loan.
In other countries, people prefer to rent their homes or take up a small short-term loan when they are buying property.
Loans with a tenure of more than 10 years are considered a burden and home buyers want to be debt-free as soon as possible.
In Singapore, however, it is common to take up loans to buy houses, cars, furniture and other items.
This is a bad habit which I hope will not be eagerly adopted by many.
I hope Singaporeans can learn from this economic crisis and try to calculate their mortgage- repayment plans based on a worst-case scenario, where a loan is serviced with only one income.
This way, if one half of a couple is laid off, the financial repercussion will not be so severe.
During this recession, I also hope that the spouses and friends of jobless people will be more supportive.
Many will not approach their loved ones for help, out of the fear of "losing face".
Many unemployed men would rather suffer in silence than seek assistance.
Friends and loved ones are the best people to help them.
My advice for the unemployed is that they should swallow their pride and seek help, especially from Government agencies which are working overtime to help the jobless.
I know many who sought help and got into retraining classes.
They were better off than if they had stayed at home alone with their problems.
As the recession will be prolonged and many Singaporeans could be jobless for many months, let us help one another and offer whatever support we can to those who are down and out.
Mr Gilbert Goh Keow Wah
Tue, Apr 28, 2009
my paper
Jobless should swallow pride and get help
THE way Singaporeans take on huge mortgage loans to buy property worries me.
During good times, many rush to buy homes which are beyond their means.
When things go sour, they do not have a backup plan.
Working couples simply make their calculations based on the amount both parties have in their Central Provident Fund accounts and plough that into a mortgage loan.
In other countries, people prefer to rent their homes or take up a small short-term loan when they are buying property.
Loans with a tenure of more than 10 years are considered a burden and home buyers want to be debt-free as soon as possible.
In Singapore, however, it is common to take up loans to buy houses, cars, furniture and other items.
This is a bad habit which I hope will not be eagerly adopted by many.
I hope Singaporeans can learn from this economic crisis and try to calculate their mortgage- repayment plans based on a worst-case scenario, where a loan is serviced with only one income.
This way, if one half of a couple is laid off, the financial repercussion will not be so severe.
During this recession, I also hope that the spouses and friends of jobless people will be more supportive.
Many will not approach their loved ones for help, out of the fear of "losing face".
Many unemployed men would rather suffer in silence than seek assistance.
Friends and loved ones are the best people to help them.
My advice for the unemployed is that they should swallow their pride and seek help, especially from Government agencies which are working overtime to help the jobless.
I know many who sought help and got into retraining classes.
They were better off than if they had stayed at home alone with their problems.
As the recession will be prolonged and many Singaporeans could be jobless for many months, let us help one another and offer whatever support we can to those who are down and out.
Mr Gilbert Goh Keow Wah
:o 
