Singapore Expats

Credit Card Debts

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Steve1960
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Post by Steve1960 » Thu, 23 May 2013 2:31 pm

Thanks for that I will log in to IRAS this evening and take a look although I have not had an sms yet.

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PNGMK
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Post by PNGMK » Thu, 23 May 2013 7:12 pm

Steve1960 wrote:Singapore clearly has not learned much from what has happened elsewhere in the world. High debt to GDP ratio and still increasing and encouraging more borrowing. When it goes bang it will not be pretty.
Disagree. MAS is one of the most proactive stringent regulatory authorities I've see when it comes to controlling citizen debt levels.

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 23 May 2013 8:20 pm

Sorry PNGMK

That's why Singaporeans generally have an average of 7 credit cards from every bank in Singapore and most probably almost maxed out. MAS is right on top of it. Hell, there's been articles in the birdcage liner over the ever increasing CC debt/rollover debt being carried by locals. This has been going on since the 1990 and getting larger by the year every year.

Data supplied by MAS:

http://www.kelvinwong.com/3/post/2011/0 ... -debt.html
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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PNGMK
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Post by PNGMK » Thu, 23 May 2013 8:29 pm

sundaymorningstaple wrote:Sorry PNGMK

That's why Singaporeans generally have an average of 7 credit cards from every bank in Singapore and most probably almost maxed out. MAS is right on top of it. Hell, there's been articles in the birdcage liner over the ever increasing CC debt/rollover debt being carried by locals. This has been going on since the 1990 and getting larger by the year every year.

Data supplied by MAS:

http://www.kelvinwong.com/3/post/2011/0 ... -debt.html
Not really that bad compared to my home country. Singaporeans are generally more cashed up than we realize sometimes.... Although trying to sell a motorbike might change my mind on that! (Can loan lah?).

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ecureilx
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Post by ecureilx » Thu, 23 May 2013 10:01 pm

sundaymorningstaple wrote:Sorry PNGMK

That's why Singaporeans generally have an average of 7 credit cards from every bank in Singapore and most probably almost maxed out. MAS is right on top of it. Hell, there's been articles in the birdcage liner over the ever increasing CC debt/rollover debt being carried by locals. This has been going on since the 1990 and getting larger by the year every year.

Data supplied by MAS:

http://www.kelvinwong.com/3/post/2011/0 ... -debt.html
7 card X twice monthly pay, plus about 7 X twice monthly pay as Credit line / money line - 28 times monthly pay - yes, quite easy .. so a person earning 5000 can run up loans of upto 140 K or more ... and no sweat ..

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 23 May 2013 11:19 pm

ecureilx wrote:
sundaymorningstaple wrote:Sorry PNGMK

That's why Singaporeans generally have an average of 7 credit cards from every bank in Singapore and most probably almost maxed out. MAS is right on top of it. Hell, there's been articles in the birdcage liner over the ever increasing CC debt/rollover debt being carried by locals. This has been going on since the 1990 and getting larger by the year every year.

Data supplied by MAS:

http://www.kelvinwong.com/3/post/2011/0 ... -debt.html
7 card X twice monthly pay, plus about 7 X twice monthly pay as Credit line / money line - 28 times monthly pay - yes, quite easy .. so a person earning 5000 can run up loans of upto 140 K or more ... and no sweat ..
That only if they get the 7 cards from different banks. MAS does control that portion in as much as you are allowed to get, say a MasterCard and a VISA card from the same bank, but but the credit like will be the same for each and the combined credit line will be the same as a single card. So they really DO need to use 7 different banks, but that isn't too hard here and the credit bureau is somewhat of a joke as not all use it and it's not updated regularly.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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PNGMK
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Post by PNGMK » Sat, 25 May 2013 8:17 pm

sundaymorningstaple wrote:
ecureilx wrote:
sundaymorningstaple wrote:Sorry PNGMK

That's why Singaporeans generally have an average of 7 credit cards from every bank in Singapore and most probably almost maxed out. MAS is right on top of it. Hell, there's been articles in the birdcage liner over the ever increasing CC debt/rollover debt being carried by locals. This has been going on since the 1990 and getting larger by the year every year.

Data supplied by MAS:

http://www.kelvinwong.com/3/post/2011/0 ... -debt.html
7 card X twice monthly pay, plus about 7 X twice monthly pay as Credit line / money line - 28 times monthly pay - yes, quite easy .. so a person earning 5000 can run up loans of upto 140 K or more ... and no sweat ..
That only if they get the 7 cards from different banks. MAS does control that portion in as much as you are allowed to get, say a MasterCard and a VISA card from the same bank, but but the credit like will be the same for each and the combined credit line will be the same as a single card. So they really DO need to use 7 different banks, but that isn't too hard here and the credit bureau is somewhat of a joke as not all use it and it's not updated regularly.
I see your point but hopefully people don't go to that extreme.

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zzm9980
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Post by zzm9980 » Sat, 25 May 2013 9:54 pm

PNGMK wrote: I see your point but hopefully people don't go to that extreme.
I'm sure more than a few have done it intentionally before leaving. Most banks give you 4x-6x your monthly salary in a credit limit. If some guy gets paid off from his $8k/month job and has no intention of ever coming back to Singapore, well you do the math.

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Wd40
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Post by Wd40 » Sun, 26 May 2013 8:26 pm

Just applied online for the DBS Altitude Visa Signature card.
I already have 2 cards with DBS and use Ibanking so it was very quick.
Just click, click, click and done and the card is auto approved.
I will get it in 3 days. Woo Hoo Hoo.
1 yr annual fee waiver, so nothing to lose.

So I am going to charge my IRAS bill on this card.
This card is supposed to be one of the better cards for miles and for points.
So I guess, I am going to use this card now and let the SCB card rest in peace.

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sundaymorningstaple
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Post by sundaymorningstaple » Sun, 26 May 2013 9:18 pm

If all three are credit cards, see if they don't have a common combined credit limit. Charge Cards are different, as are debit cards.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Wd40
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Post by Wd40 » Sun, 26 May 2013 10:03 pm

Yeah, the credit limit is combined, no matter how many cards I apply with DBS. The reason I applied for the DBS Altitude card is that it gives 3 points for every $5 spent whereas my existing DBS Esso card gives of 1 point for every $5 spent. Not to mention, the Altitude card lets you convert those points into miles and in the other thread about credit card miles, it was mentioned that this along of the Citibank Premier miles card is one of the best for accumulating miles.

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sundaymorningstaple
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Post by sundaymorningstaple » Sun, 26 May 2013 10:11 pm

:roll:
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Re: Credit Card Debts

Post by hotsoupboy » Wed, 11 Dec 2013 1:02 pm

Hi, so are you able to re enter Singapore after declaring bankruptcy ?
sg_worker_b4 wrote:Hi,

I worked in SG for a year and returned to my country 6 years ago. When I visited my country, my credit card was stolen and I didn't know it until after 2 days. My credit card limit was exhausted and I asked the credit card company for a settlement which they flatly declined. So I returned to my country and had unpaid credit cards in Singapore.

If in case I will visit Singapore, will the authorities at the immigration prevents me from entering or worst, detained me?

Thank you so much!

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PNGMK
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Re: Credit Card Debts

Post by PNGMK » Wed, 11 Dec 2013 4:11 pm

hotsoupboy wrote:Hi, so are you able to re enter Singapore after declaring bankruptcy ?
sg_worker_b4 wrote:Hi,

I worked in SG for a year and returned to my country 6 years ago. When I visited my country, my credit card was stolen and I didn't know it until after 2 days. My credit card limit was exhausted and I asked the credit card company for a settlement which they flatly declined. So I returned to my country and had unpaid credit cards in Singapore.

If in case I will visit Singapore, will the authorities at the immigration prevents me from entering or worst, detained me?

Thank you so much!
Yes you can re-enter. In fact please do.

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zzm9980
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Re: Credit Card Debts

Post by zzm9980 » Wed, 11 Dec 2013 8:04 pm

hotsoupboy wrote:Hi, so are you able to re enter Singapore after declaring bankruptcy ?
sg_worker_b4 wrote:Hi,

I worked in SG for a year and returned to my country 6 years ago. When I visited my country, my credit card was stolen and I didn't know it until after 2 days. My credit card limit was exhausted and I asked the credit card company for a settlement which they flatly declined. So I returned to my country and had unpaid credit cards in Singapore.

If in case I will visit Singapore, will the authorities at the immigration prevents me from entering or worst, detained me?

Thank you so much!
You'll gladly be welcomed in and escorted to your new residence by the men in blue.

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