Take Charge Of Your Credit Facilities

Understand how credit card interest is calculated and the consequence of rollover balances.
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  • Lectures 12
  • Length 42 mins
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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    Available on iOS and Android
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About This Course

Published 3/2015 English

Course Description

This module aims to help you understand how credit card interest is calculated and the consequence of rollover balances. You will understand the new credit card and unsecured credit regulations and ways to resolve debt issues.

COURSE OUTLINE

  • How much debt can you afford?
  • Implications on new regulations on credit facilities
  • Do’s and Don’ts when you are in debt
  • Options you can take when you are in debt
  • Bankruptcy
  • Unfair or unlawful moneylending practices

What are the requirements?

  • existing credit card statements

What am I going to get from this course?

  • Understand how credit card interest is computed
  • Know the consequence of rollover balances
  • Understand the new credit card and unsecured credit regulations in Singapore
  • Know ways of resolving debt issues

What is the target audience?

  • This course is for anyone who has used credit facilities before

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
02:20

This lecture provides an introduction to this module.

In this module we will be learning the following:

  • How much debt you can afford?
  • Implications of the new Credit Measures on Credit Facilities.
  • Do's and Don'ts when you are in debt.
Section 2: Take Charge Of Your Credit Facilities
02:27

In this lecture, we will look at the amount of debt that you can afford based on the following financial ratios:

  • Total Debt Service Ratio
  • Mortgage Servicing Ratio
  • Non-Mortgage Debt Service Ratio
4 pages

Here are notes related to the financial ratios discussed in the previous lecture. Also, you will find a Case Study and Worksheet.

04:23

In this lecture, we look at how quickly Credit Card interest can add up. We will consider:

  • what would happen if you did not pay the bank anything
  • what would happen if you decide to pay back only 5% each month
  • what would happen if you paid back only the minimum sum each month
08:18

In this lecture, we will look at various new credit card and unsecured credit measures in Singapore and their possible impact on the consumer.

3 pages

In this lecture, we provide notes on the new credit measures in Singapore.

02:50

In this lecture, we look at what a Credit Bureau is and that factors that can affect your Credit score.

03:03

Find out more about the Repayment Assistance Scheme (RAS) by Credit Counselling Singapore.

03:21

In this lecture, we look at various steps that one should take when in debt. We will also look at the Do's and Don'ts when in debt.

3 pages

In this lecture, we provide notes on What To Do When You Are In Debt.

04:18

In this lecture, we look at the various implications of being declared a bankrupt in Singapore.

We will look at what one should do if there is a need to borrow money.

Section 3: Conclusion
01:21

In this lecture, we summarize and conclude this module.

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Instructor Biography

Institute for Financial Literacy, Unbiased Financial Education Courses

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.

Instructor Biography

Peggy Chan, Financial Literacy Trainer

Peggy Chan, Financial Literacy Trainer, Institute for Financial Literacy

MSc, CFP

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.

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