Facts of Debt
Ok, I’ve been just doing research (basically just googling) on the implications of debt, not that I need to do much research to know the dire consequences of debt.
Just this past week, someone was telling me about the statistics – in recent years, one Singaporean gets into financial trouble every one hour; and one person commits suicide every day due to financial trouble.
This is a very disturbing thought and further emphasizes my resolve to share and pass on the knowledge on how to manage finances and living a debt-free life.
A lot of people talk about looking after themselves through meditations and positive affirmations. Whilst I fully believe in the effectiveness of these methods (I practice them myself!), I also feel a lot of stress and worries can be managed easily and effortlessly by kick-starting and implementing simple strategies.
Some interesting nuggets of information:
“Average Household Debt per Capita: S$57,637
High interest debt like credit cards and personal loans have been the fastest growing debt category, now comprising +21.8% of total household liabilities.”
“Average personal loan per capita in Singapore was roughly $10,616 as of 31 Dec 2017. This figure includes loans like personal instalment loans, home renovation loans, education loans and pawn shop loans. Somewhat like credit cards, personal loans have been a popular way of financing one’s needs in the recent years.”
“Since January 2017, there have been about 4,000 borrowers every month who have unsecured debts above 12 times their monthly income, it said.”
Why am I sharing all these statistics and data?
It’s to drive home the message that debt challenges out there are very real. Key thing to manage it is to have awareness of the issue, have the courage to face it head-on and talk to someone who can help.
Remember: For things to change, First I must Change.