A 69-year-old man was asked to go to a residential address to collect the loan, and was told to slip his NRIC under the door of the unit. When he didn't get any response despite repeatedly knocking on the door, he called the police. As it turns out, the address belonged to a 54-year-old debtor who had [...]
Technology has made the world a smaller and more connected place. It has also made it easier for scammers to carry out their crimes. To ensure that you never fall victim to a scam, make knowledge and self-vigilance your first line of defence.
Start now with fresh resolve to achieve financial wellness. Control Debt Enhance your financial health by keeping debt manageable. Pay off debts with the highest interest rates first, such as credit card balances. Pay as much as you can on your smallest debts and pay at least the minimum on large ones even modest accomplishments [...]
How can we avoid the debt trap? Distinguish needs and wants Many people incur excess credit card debt through overspending because of their inability to tell needs from wants. Example of a handbag, while one may need a bag for daily usage, one only wants a luxury bag costing thousands of dollars. Prepare for emergencies [...]
Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. “Click here to access the list of licensed moneylenders.” Notwithstanding that the moneylenders are licensed, be mindful if they: Use abusive language, or behave in a threatening manner towards you. Ask for your SingPass user ID [...]
With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses: a fee not exceeding $60 for each month of late repayment; a fee not exceeding 10% of the principal of the loan when a loan is granted; and legal costs ordered by the court for a successful [...]