- Joined
- Jul 24, 2008
- Messages
- 33,627
- Points
- 0
<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - Low Pay Results in Sporns' Crushing Debt</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>makapa <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>6:51 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>33425.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>May 20, 2010
Struggling with credit, debt
<!-- by line -->By Harsha Jethnani
<!-- end by line -->
<!-- end left side bar -->
In figures collated by DP Credit Bureau (DPCB), Singaporeans between the age of 21 to 29 years old saw defaults increase from 5.07 per cent in January last year to 7.16 per cent in December. -- ST PHOTO: SAMUEL HE
<!-- story content : start -->
YOUNGER Singaporeans appear to struggle with managing credit and debt, payment data from last year suggests.
In figures collated by DP Credit Bureau (DPCB), Singaporeans between the age of 21 to 29 years old saw defaults increase from 5.07 per cent in January last year to 7.16 per cent in December. The rate of bad debts in the same group is at 130 per cent, higher than the average rate across all age groups which is 3.11 per cent, a statement from DPCB said yesterday.
Credit card defaults were the most common for all groups with the 21 to 29 year olds leading the pack with a 7.54 per cent default rate. Young married couples in the same segment had even higher rates of defaults on debts than single counterparts, a characteristic unique to only this age group. Across all other age groups, couples had lower rates of default than singles of the same age.
'Unlike their older counterparts, many younger people do not have the financial strength and asset depth to deal with changes in their circumstances,' said DPCB's managing director, Ms Chen Yew Nah.
And since young married couples are more prone to defaulting on payments, 'they need to reassess their spending plans and set themselves more realistic budgets that they can stick to', Ms Chen said.
The 50 to 59 year olds were found to be the biggest credit spenders, mainly by credit card spending, but the group had a moderate rate of bad debts - 2.19 per cent - lower than the 3.11 per cent average stated earlier. Those older than 69 has the lowest rate of default, as they also spent the least using credit.
And where credit is concerned, 'prevention is certainly the better way to go', Ms Chen said, unless consumers genuinely understood how credit tools can be managed carefully.
<!-- story content : end -->
</TD></TR><TR><TD> </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
Struggling with credit, debt
<!-- by line -->By Harsha Jethnani
<!-- end by line -->
<!-- end left side bar -->
<!-- story content : start -->
YOUNGER Singaporeans appear to struggle with managing credit and debt, payment data from last year suggests.
In figures collated by DP Credit Bureau (DPCB), Singaporeans between the age of 21 to 29 years old saw defaults increase from 5.07 per cent in January last year to 7.16 per cent in December. The rate of bad debts in the same group is at 130 per cent, higher than the average rate across all age groups which is 3.11 per cent, a statement from DPCB said yesterday.
Credit card defaults were the most common for all groups with the 21 to 29 year olds leading the pack with a 7.54 per cent default rate. Young married couples in the same segment had even higher rates of defaults on debts than single counterparts, a characteristic unique to only this age group. Across all other age groups, couples had lower rates of default than singles of the same age.
'Unlike their older counterparts, many younger people do not have the financial strength and asset depth to deal with changes in their circumstances,' said DPCB's managing director, Ms Chen Yew Nah.
And since young married couples are more prone to defaulting on payments, 'they need to reassess their spending plans and set themselves more realistic budgets that they can stick to', Ms Chen said.
The 50 to 59 year olds were found to be the biggest credit spenders, mainly by credit card spending, but the group had a moderate rate of bad debts - 2.19 per cent - lower than the 3.11 per cent average stated earlier. Those older than 69 has the lowest rate of default, as they also spent the least using credit.
And where credit is concerned, 'prevention is certainly the better way to go', Ms Chen said, unless consumers genuinely understood how credit tools can be managed carefully.
<!-- story content : end -->
</TD></TR><TR><TD> </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
