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Post by me200 on Dec 14, 2014 12:30:56 GMT 7
Credit card companies are laughing all the way to bank.
Credit card debt is their most profitable business unit as they charge 24% interest per annum.
In addition, add finance charges, etc.
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Post by zuolun on Dec 14, 2014 12:36:07 GMT 7
Creit card companies are laughing all the way to bank. Credit card debt is their most profitable business unit as they charge 24% interest per annum. In addition, add finance charges, etc. Shocking stats. 1 in 3 credit card holders (or 540,000 people) do not pay the bill in full. Total credit card loans have ballooned from $5.8 bil in 2009 to $9.9 bil in 2014. 3% or 47,000 people have debts exceeding their yearly salary. Looks like a lot of people are living way beyond their means......... $10b in outstanding credit card loans by Xmas - 14 Dec 2014 "Looks like a lot of people are living way beyond their means" — The same goes for the majority of Singapore property owners (PTE & HDB). “When you combine ignorance and leverage, you get some pretty interesting results.” — Warren BuffettMany property buyers are not aware that borrowing a huge sum of money in hundreds of thousands or millions to buy a house is in fact a high leverage investment. Because of record low interest rate at almost zero now, whoever is able to pay the 20% downpayment and service the monthly loan installment is considered affordable. None remembered that in the late 70's to early 80's, the interest rate ever spiked up to as high as 17%. I distinctly remembered the high interest rate then because my late mum was quite happy with 13% interest paid on her Fixed Deposit parked at one finance company in the mid-70's (1973 to 1977).
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Post by zuolun on Dec 15, 2014 9:38:43 GMT 7
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Post by zuolun on Dec 24, 2014 7:39:53 GMT 7
Shocking stats. 1 in 3 credit card holders (or 540,000 people) do not pay the bill in full. Total credit card loans have ballooned from $5.8 bil in 2009 to $9.9 bil in 2014. 3% or 47,000 people have debts exceeding their yearly salary. Looks like a lot of people are living way beyond their means......... $10b in outstanding credit card loans by Xmas - 14 Dec 2014 oldman, Credit card borrowers have higher credit rating; the lower credit rating and the desperate ones will get their loans from the loan sharks. Predatory Lending: Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in a lower credit rated loan to the benefit of the lender. Sen. Warren on the perils of payday loans: Senator Elizabeth Warren, D-Mass., speaks to Patrick Murphy about the perils of payday loans that many military service members take out to make ends meet. — 26 Oct 2014 Loan shark's artwork in Singapore — 3 Feb 2014 Predatory Lending — 10 Aug 2014 The Money Trap: How Banks Control the World Through Debt — 31 Aug 2013 "U-PAY-US: The Payday Lending Show" East Palo Alto — 25 Jul 2011
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Post by zuolun on Dec 25, 2014 16:16:08 GMT 7
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Post by zuolun on Dec 25, 2014 22:28:09 GMT 7
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Post by zuolun on Dec 26, 2014 13:17:02 GMT 7
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Post by zuolun on Dec 29, 2014 7:22:25 GMT 7
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Post by zuolun on Jan 9, 2015 15:36:45 GMT 7
Josh Earnest: Spinning Out of Control on the National Debt — 5 Dec 2014
World Debt Has Reached a Staggering $158.8 Trillion! — 30 Oct 2014
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Post by zuolun on Jan 11, 2015 6:19:57 GMT 7
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Post by zuolun on Jan 12, 2015 15:38:44 GMT 7
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Post by oldman on Feb 7, 2015 8:01:12 GMT 7
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Post by zuolun on Feb 7, 2015 11:02:06 GMT 7
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Post by roberto on Feb 7, 2015 14:46:48 GMT 7
Tharman's 3min answer on 2013 report that SG debt-GDP ratio is 96%:
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Post by zuolun on Feb 7, 2015 15:13:45 GMT 7
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