Saturday, July 21, 2007

In Debt We Trust Part 2 : Starting Young....

Part 1 here

Looks like MAS (Monetary Authority of Singapore) wants to make sure that young people don't miss our Golden Period. In March this year, they removed the rule that required credit card companies to issue cards only to people with an income. That allowed Citibank to issue credit cards to students. OCBC will launch a similar card targeted at students in the coming weeks.

Our students are responsible people will not abuse the credit card:

"A credit card will come in handy when I want to buy that $399 Hugo Boss shirt. If I wait for my $150 weekly allowance, the shirt might be gone" - Sng Ren Zhong, JC Student, Straits Times 19 Jul 2007

I'm sure our MAS officials have done their due diligence on this issue and are not just blindly following global trends. Our highly paid civil servants in the MAS did this for the good of Singaporeans and not because it will enhance the profitability of the banks who are known to lobby for favorable policies in other countries. The change will give banks access to an additional 900,000 potential credit card users. I'm sure the MAS looked at what happened in other countries like Taiwan and S.Korean before making their decision.

With more students using credit cards and we can expect bigger crowds at Harvey Norman sales. Our citizens will be empowered - with buying power. They will have the freedom to buy whatever they want.....


Bone_collector said...

Hello Lucky tan,

this entry was really interesting..
Guess that our gahman wants our younger generation to have more than 1 job, work longer, retire later..
its all part of a bigger conspiracy disguise under the name of 'Liberalisation'
No matter what they do...we lose..

Anonymous said...

Do you know the new house has got no strongman? And do you know why? Is it because it has been sacrificed that new life may now flow from the throne?

Not even the sun was found there? Why? Because it has become darken? So the moon has turned to blood?

Not even the building was found?

Is this true? Is that the new dawn? Wouldn't that solve a history of rock and rolling? Blair witch on bush fire no more? Billing from micro to macro? How about a wanting prince in power? Overstayed or over the hill?

Ah, all can now see its brilliance and there shall be no deceit found in it? Wouldn't you want to be cautious when it is so open and clear?

So will we all assume this new identify? A new name perhaps? What's yours? Does it go by a number? Or a series of numbers?

Credits or credibility precious?


Anonymous said...

I foresee our bankruptcy rate will be higher in coming years.

LuckySingaporean said...


Yes, I can see how this will lead to better work ethics among Singaporeans. Once you're in debt, you will probably work hard and long hours. Debt is a good way to motivate Singaporeans to work harder. This in consistent with our govt wanting us to work longer.

Capt_Canuck said...

I would say it sounds like the gov't has yet again a master plan to keep undesirables out of politics.

If you are bankrupt, you can not run for a seat in politics, correct? So, give students (those rebelious underhanded thinkers of tomorrow) a credit card, have them mass HUGE debts because of it, declare bankruptcy and have that debt whipped out, therefore excluding them from running for office. HOWEVER, if the PAP sees a student that shows great thinking and ideas (think PAP thinking and ideas here) and is a good up and coming political leader, then I am sure the PAP would be happy to give a small loan to pay off the debts from the parties funds, or perhaps a political minister might 'float' some money the young persons way to help them get on their feet. Thus, keeping the undesirables out of politics and keeping the desireables in. Best part, no one can prove it, making it a fantastic conspiracy.

But then again, us over here in North America love our conspiracies. We see them everywhere.

shoestring said...

Banks are no less better than loan sharks. Sometimes worse. As long as you have an account with them (even savings a/c), they can easily find ways to charge you interest even if you do not owe them any money.

So, don't assume you are debt-free just because you have no loans. Check your account balances frequently.

It is possible to live without credit, remain debt-free, even own a home, stocks, insurance policies and be blissfully happy if we spend wisely and exercise self-control/discipline.

Anonymous said...

Soon, future generations will all in born into debt, live in debt and die in debt. It is a pessimistic scenariio but a reality. Back to days of slavery. Become a slave to the banks.

Anonymous said...

Folks I guess no one is stopping you from applying for a credit card.

We are mature enough to know how to manage our funds.

Just look at something called CPF ????????????

consolidation loan said...

The terms 'responsible people' & 'credit card' just don't seem to flow in the same sentence very well. Is it just me?