How to avoid the debt trap?

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 [...]

By |2020-09-03T12:12:49+08:00December 12th, 2015|Uncategorized|Comments Off on How to avoid the debt trap?

How do I know whether a moneylender is licensed or not?

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 [...]

By |2020-09-03T12:12:49+08:00November 11th, 2015|Uncategorized|Comments Off on How do I know whether a moneylender is licensed or not?

What are the interest rate and fees that moneylenders can charge?

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 [...]

By |2020-09-03T12:12:49+08:00October 1st, 2015|Uncategorized|Comments Off on What are the interest rate and fees that moneylenders can charge?
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