- Internet access
- Computer or Smart Phone
- Basic knowledge of spreadsheets
Many people borrow money at certain points in their lives, usually when their savings are not enough to pay for “big-ticket” items such as a HDB flat or a car. In such cases, borrowing money to buy important items like a home may be necessary.
Borrowing is also a major responsibility as too much debt can easily get us in trouble. The number of persons seeking counselling for debt issues is already increasing every year, and credit card debt in Singapore is one of the fastest growing forms of debt which has grown at an average rate of 11.5% a year (Credit Bureau Report 2011).
Learn about how to avoid the debt trap. If you are already in debt, find out all your available options:
- What to do immediately when you are in debt?
- How can you reduce your credit card debt?
- Working out your financial ratios.
- Do's and Don'ts when you are in debt.
- Bankruptcy as a last resort.
- Find out the best way to borrow money legally.
Learn how to work out your own financial ratios to see if you are borrowing to much. Learn how to reduce your credit card debt and calculate how much debt you can actually afford.
Find out what you can do if you are already in debt in order to choose the best possible option. Also, learn how to borrow money effectively and wisely. Handle your credit card statements well.
- Working Adults
- Anyone interested in managing debt and personal finance
- MoneySENSE Core Financial Capabilities Framework01:33
- How To Avoid Debt04:44
- Example On How Your Credit Card Debt Can Be Reduced01:34
- Working Out Your Own Ratios03:39
- Notes: How Much Debt Can You Afford01:42
- Use Your Credit Cards Wisely01:38
- Amrin Amin speaks on the Importance of Financial Literacy04:49
- What To Do Immediately When You Are In Debt02:39
- Notes: What To Do Immediately When You Are In Debt01:06
- Common Debt Collection Process03:53
- Do's and Don'ts When You Are In Debt01:10
- Options When In Debt04:02
- If You Need To Borrow03:06
- Understanding Your Credit Card Statement04:44
- Lending To Friends And Relatives01:58
- Bankruptcy As A Last Resort02:07
- Signs Of A Possible Gambling Problem02:20
- How to you fare on the debt-o-meter?!5 questions
- Additional Resources01:40
Peggy Chan, Financial Literacy Trainer, Institute for Financial Literacy
Peggy has 8 years of experience in the financial services industry, helping clients understand their financial needs, objectives and risk tolerance as well as reviewing company policies and procedures to ensure compliance. She was also an adjunct lecturer with a Polytechnic, teaching insurance and retirement planning subjects.
Prior to joining the financial services sector, Peggy was working in the information technology sector for 13 years, first in a government agency and subsequently served as a Senior Systems Analyst in an international bank.
She is a Certified Financial Planner, which is a professional certification specific to retirement planning and wealth accumulation in addition to overall financial planning.
Peggy has a Masters of Science, majoring in Network Management. She also holds other industry certification in M5, M8, M8A, M9 and HI.
The Institute for Financial Literacy is a collaboration between MoneySense and Singapore Polytechnic Enterprise.
Our financial education courses cover basic money management, financial planning and investment know-how.