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Younger Singaporeans biggest debt defaulters
Younger Singaporeans are increasingly defaulting on their debts.
Figures released by DP Credit Bureau showed that the percentage of default records of 21 to 29 year olds rose from five per cent (5.07%) in January 2009 to seven per cent (7.16%) in December 2009.
They're the age group with the highest number of defaults.
The figures also show 21 to 29 years that are married have higher rates of default on debts than their single counterparts - a phenomenon unique to this age bracket.
For all other groups, married individuals have a lower rate of default than singles of the same age.
The rate of bad debts of Singaporeans between 21 and 29 years old is more than double (130%) than the average rate for all consumers at 3 per cent (3.11%).
Managing Director of DP Credit Bureau, Chen Yew Nah, said young married Singaporeans need to reassess their spending plans and set themselves more realistic budgets that they can stick to.
She said they also need to be more diligent in making repayments on time.
This is the age when young Singaporeans graduate and enter the workforce, so it the first time they have access to credit.
They may not be experienced at managing their debts and their personal budgets.
Ms Chen said this lack of discipline will hurt them in the long run as it ends up affecting their credit rating and their ability to access credit in the future."
Younger Singaporeans are increasingly defaulting on their debts.
Figures released by DP Credit Bureau showed that the percentage of default records of 21 to 29 year olds rose from five per cent (5.07%) in January 2009 to seven per cent (7.16%) in December 2009.
They're the age group with the highest number of defaults.
The figures also show 21 to 29 years that are married have higher rates of default on debts than their single counterparts - a phenomenon unique to this age bracket.
For all other groups, married individuals have a lower rate of default than singles of the same age.
The rate of bad debts of Singaporeans between 21 and 29 years old is more than double (130%) than the average rate for all consumers at 3 per cent (3.11%).
Managing Director of DP Credit Bureau, Chen Yew Nah, said young married Singaporeans need to reassess their spending plans and set themselves more realistic budgets that they can stick to.
She said they also need to be more diligent in making repayments on time.
This is the age when young Singaporeans graduate and enter the workforce, so it the first time they have access to credit.
They may not be experienced at managing their debts and their personal budgets.
Ms Chen said this lack of discipline will hurt them in the long run as it ends up affecting their credit rating and their ability to access credit in the future."
