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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:
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.
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|Section 1: Introduction|
The objectives are laid out in this lecture.
In this Lecture, find out more about MoneySENSE's core financial capabilities:
|Section 2: How To Avoid Or Reduce Debt|
Important considerations before taking up a loan or becoming a guarantor.
|This example illustrates a monthly repayment breakdown of a credit card loan.|
This is a guided activity to work out your own debt servicing ratios.
|In this lecture, we provide notes on financial ratios that can help you determine how much debt you can afford.|
Use Your Credit Cards Wisely
|Section 3: Options You Can Take When You Are In Debt|
|This lecture discusses a systematic way for reducing debt.|
|In this lecture, we provide notes on what you should do immediately when you are in debt.|
An in-depth look into the typical debt collection process through civil action.
If creditors are already pursuing repayment, the debtors' cooperation is vital in order not to land them in more trouble. Here are the do's and dont's. You can add your own to the list using the file in the supplementary material.
Besides reducing debt systematically, here are other options you may consider for managing debt. It also contains a segment on a scheme to avoid bankruptcy for those who are eligible.
|Section 4: Borrowing And Lending Money|
|Borrowing from legal means, otherwise it may bring untold anxiety and grieve to you and your loved ones.|
|This lecture familiarises you in the common terminology used in credit card statements.|
If you wish to recover money lent to friends and/or relatives, here is some advice on how you can go about it.
|Section 5: Conclusion|
The status of bankruptcy is burdensome, not to mention the public stigma. It is not an easy way out of debt, this lecture tells you why.
|Problem gambling can lead a mountain of debt, here are some tell tale signs that a problem is at hand.|
|A summary of the what was covered in the course.|
|Quiz 1||5 questions|
|Test how well you can avoid or manage debt responsibly.|
|This lecture contains links to additional resources where you can learn more about money matters pertaining specially to Singaporeans.|
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 MoneySENSE-Singapore Polytechnic Institute for Financial Literacy is a collaboration between MoneySENSE, the national financial education programme in Singapore and Singapore Polytechnic.
MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee which comprises representatives from the Ministry of Health, Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People’s Association.
Our financial education courses cover basic money management, financial planning and investment know-how.