Sunday, October 26, 2008

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Singaporeans' debt increase 10%: Housing Loans Up $6.6B

In the Singapore News report (Friday, October 24, 2008) "Singaporeans are piling on the debt ", total debt of Singaporeans has increased by 10%, with credit card rollover debt at $3.3 billion, and housing loans $6.6 billion. As a whole, preliminary statistics in August from the Monetary Authority of Singapore show that total debt to individuals rises to $112 billion — almost 10% up over a period of 12 months.

Credit Counselling Singapore (CCS) pointed out that these debts will push many individuals into financial difficulties as jobs and income become affected as Singapore economy weakens further and recession grows deeper.

CCS president Kuo How urged consumers to “urgently examine and make every effort to reduce or restructure” their debts, especially credit cards and credit lines, which are expensive and recallable.

May also want to read:
The days of Cheap, Easy Credits chasing after property is OVER!
Fire Sale: Owners Dump Condos
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase


Anonymous said...

This is the first serious sign of trouble for the property market .. too much cheap easy credits chasing after properties during boom time .. now is pay back time ... Greenspan has been charged for creating the generation of easy credit that leads to the financial tsunami today .. it is time to say bye-bye to easy credits.

Anonymous said...

The years of easy credit and liquidity with financial institutions looking for property buyers are over. Local and foreign banks are now extremely cautious and most unwilling to lend now. The costs of credit are going up all over the world inspite of cut in interest rates which are temporary measures to stimulate their domestic economies. This is the worst economic recessions the world is going through and the full or direct impact is going to be felt in Singapore. THE TELL TALE SIGNS ARE THERE..BEWARE OF THE NEXT MELDOWN IN PROPERTY PRICES IN SINGAPORE AS CURRENT PRICES ARE UNREASLISTIC, UNSUSTAINABLE AND MAKING SINGAPORE UNCOMPETITIVELY COSTLY. 

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