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Thread: More Singaporeans facing bankruptcy, cash-flow woes

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    Default More Singaporeans facing bankruptcy, cash-flow woes

    More Singaporeans facing bankruptcy, cash-flow woes

    By Loh Chee Kong and Tan Hui Leng, TODAY | Posted: 20 March 2008 0644 hrs


    SINGAPORE: The good times might still be here, but some Singaporeans are biting off more than they can chew.

    After falling from a high four years ago, the downward trend of bankruptcy petitions and orders is showing signs of reversing, while the delinquency rate for credit cardholders is creeping up. Another sign that Singaporeans could be facing cash-flow woes: Pawnshops are enjoying brisk business.

    ValueMax Group operations manager Yeah Lee Ching said some people run out of cash before the next payday. "They pawn their items to tide over the last week of the month and redeem their items after they get next month's pay."

    Noting that nine in 10 customers redeem their items, she added: "These are not poor people. They own gold, diamonds and expensive watches."

    In January, there were 292 petitions for bankruptcy and 215 bankruptcy orders were passed, according to the Insolvency and Public Trustee's Office. Last year, 268 bankruptcy petitions were filed and 230 orders were passed on average each month.

    According to data from Credit Bureau (Singapore), the number of delinquent credit card holders has risen steadily. Last December, 14,379 defaulted on their bills a 1.42-per-cent delinquency rate as compared to 11,346 and 1.16 per cent in July.

    Most owe less than $5,000 each. The majority are between 21 and 44 years old, and men make up almost 70 per cent.

    About 80 per cent of the delinquents have credit cards with at least two banks.

    Still, the bad debts, while apparently widespread, appear fairly contained for now.

    The responses from banks to TODAY's queries on property foreclosures seem to bear this out.

    The three local banks said there was no discernable spike in the number of flats getting repossessed. A DBS spokesperson added that neither were there any increases in the number of foreclosures for commercial and industrial properties.

    Still, property market sentiments remain tentative. ERA Realty Network assistant vice-president Eugene Lim said: "There is more bargain hunting now. You don't see many people jumping in and buying straightaway, unlike last year."

    And it's not just the big-ticket purchases with which Singaporeans are more discerning. NTUC FairPrice managing director Seah Kian Peng said sales of its housebrand products in the last few months have been "very encouraging".


    - TODAY/so

  2. #2
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    Default Re: More Singaporeans facing bankruptcy, cash-flow woes

    why this is in a property related website ?

  3. #3
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    Default Re: More Singaporeans facing bankruptcy, cash-flow woes

    Quote Originally Posted by Unregistered
    why this is in a property related website ?
    Because many going to default soon on mortgage I guess.

  4. #4
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    Default Re: More Singaporeans facing bankruptcy, cash-flow woes

    Quote Originally Posted by Unregistered
    Because many going to default soon on mortgage I guess.
    Please read the news properly.
    Those are the young ones who can't even afford a HDB flat.

    Those who own private property are not facing this problem.

    Anyway, read the news again, the problem is very very small.

  5. #5
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    Default Re: More Singaporeans facing bankruptcy, cash-flow woes

    mostly cannot pay less than S$5k debt.

  6. #6
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    Default Re: More Singaporeans facing bankruptcy, cash-flow woes

    Quote Originally Posted by Unregistered
    mostly cannot pay less than S$5k debt.
    I think they tried to blow up the news to cool down the market by having BIG headline.Very misleading...

  7. #7
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    Default Re: More Singaporeans facing bankruptcy, cash-flow woes

    Quote Originally Posted by Unregistered
    why this is in a property related website ?
    Why r u reading the forum when you are not even interested in hearing bad news.....nowadays its mostly bad news. If you dun even bother to read till the end of the article, then dun ask stupid question.

  8. #8
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    Default Re: More Singaporeans facing bankruptcy, cash-flow woes

    Quote Originally Posted by Unregistered
    I think they tried to blow up the news to cool down the market by having BIG headline.Very misleading...
    It's the job of the writer to create explosive headline so that people will read the news.

  9. #9
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    Default Re: More Singaporeans facing bankruptcy, cash-flow woes

    Quote Originally Posted by Unregistered
    Why r u reading the forum when you are not even interested in hearing bad news.....nowadays its mostly bad news. If you dun even bother to read till the end of the article, then dun ask stupid question.

    Dear Fellow Singaporeans (if you are one of us),

    Please refrain yourself for uncouth language such as "dun ask stupid question."

    Note: I am not the writer of that question or know who he/she is, but simply a passer-by.

    The first writer is correct: this is a website for condos and the article is off track, almost completely, as suggested by another writer.

    You are free to state your opinion, but very rude to slam other peoples' views. There is no need to be so rude; simply state your own view and let readers decide.

    For those who like to find fault, please join the manhunt for Mas Selamat instead of corrupting this website. Thank you.

  10. #10
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    Cool Re: More Singaporeans facing bankruptcy, cash-flow woes

    Quote Originally Posted by Unregistered
    Dear Fellow Singaporeans (if you are one of us),

    Please refrain yourself for uncouth language such as "dun ask stupid question."

    Note: I am not the writer of that question or know who he/she is, but simply a passer-by.

    The first writer is correct: this is a website for condos and the article is off track, almost completely, as suggested by another writer.

    You are free to state your opinion, but very rude to slam other peoples' views. There is no need to be so rude; simply state your own view and let readers decide.

    For those who like to find fault, please join the manhunt for Mas Selamat instead of corrupting this website. Thank you.
    Agree 100% - It does not make sense posting articles here if there are few cases where people are not able to pay 5000$
    .This is a condo discussion site and amounts involved here are not 5000 ..but 700000-800000 plus minimum

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