While it’s not ideal to leave unpaid balances on your credit card, here are some simple steps to help you minimise debt caused by accrued credit card interest. Whether it’s because of a period of financial difficulty or due to a huge emergency expense, missing a credit card payment can happen to the best of us. When you can’t afford to pay off your credit card balance in full, the worst thing you can do is to only pay off the interest – or worse, leave the bill unpaid entirely. The longer you leave your credit card balance unpaid, the more you accumulate in late payment fees and interest. Averaging around 25 per cent per annum, credit card interest rates can make it easy for debts to snowball to an amount you can’t manage. Luckily, there are ways for you to minimise the damage done by high credit card interest rates. Here are some simple steps you can take to save yourself from accruing even more debt due to unpaid credit card bills. An Important Note on Making Full … [Read more...] about What should you do if you can’t pay your credit card bill?
Low credit card interest rate
With Covid-19 hitting many sectors of our economy, citizens have inevitably suffered from the repercussions. This includes wage cuts, no pay leave or worse, unemployment. While the government has introduced measures to help Singaporeans tide through this difficult time, we should also take it upon ourselves to take our finances more seriously. One area to take more seriously? Debt. It is a double-edged sword; some Singaporeans are taking on more debt for investment purposes, but there are also many Singaporeans struggling to meet loan commitments. The Monetary Authority of Singapore (MAS) has since stepped in to provide help for those that are finding it difficult to repay their debts. Here are some reasons why you should clear your credit card debt amidst this global pandemic. Prevent rapid snowballing of debt Credit cards have notoriously high interest rates, ranging from 25 per cent to 28 per cent p.a. By comparison, a HDB loan has an interest rate of 2.6 per … [Read more...] about Why it’s so important to clear your credit card debt during Covid-19
Come May, you will soon earn less interest on your bank deposits. No, this isn't an April Fool's joke (although I certainly wish it was). With interest rates dropping across the globe, not to mention that of SIBOR and the Singapore Savings Bonds, we knew this was only a matter of time. DBS, OCBC, UOB and Standard Chartered has recently announced a reduction in bonus interest rates paid out on their high-yield savings accounts. UOB One's changes are massive, whereas the least affected should be customers of DBS Multiplier. (I'm still in shock that SSB now only yields less than 1 per cent for the first 2 years! If you're looking for an alternative for the next 3 years, check out NTUC Income's Capital Plus with 2.13 per cent instead here) Here are the key changes you might wanna take note of, so you don't get a shock when you see less money in your account from next month onwards: DBS Multiplier DBS' latest changes are limited to just folks who are in the income + 1 … [Read more...] about High yield bank accounts have cut their interest rates: Find out how you’re affected
SINGAPORE: The world is awash with cash. We know this, almost intuitively, because many banks have cut interest rates on our saving accounts to almost zero as they discourage more savings – to reduce the amount of interest payments they accrue What’s more, demand for bank loans have been subdued, meaning interest fees owed to banks are lower too. In Singapore, bank loans declined to S$677.9 billion in August, which was the smallest bank lending since April 2019. According to McKinsey & Company, governments around the world announced an unprecedented cash injection of US$10 trillion in the early months of the COVID-19 pandemic. READ: Commentary: Rising debt in coronavirus-stricken economies - just how bad is it? That was three times more than their response to the 2008 to 2009 global financial crisis. These government stimulus packages included guarantees, loans, transfers to both companies and individuals, tax deferrals, and equity investments. In many cases, … [Read more...] about Commentary: Low interest rates don’t necessarily mean we keep more cash in hand
Te Ao Two Māori health advocates are arguing that tobacco companies are merely diversifying to protect their profits by promoting vaping, and are especially marketing to teenagers and Māori. It's turned allies against each other, with accusations of misleading and alarmist data. It's seen doctors who've spent 40 years battling smoking suddenly arguing alongside Big Tobacco. Now new research suggests wealthy, white teens who've never smoked are increasingly hitting the juice. Nikki Macdonald investigates whether vaping is stopping kids smoking, or just getting them hooked another way. “I was a teen nicotine addict,” Charlie declares. He was 11 when he first started vaping. Scootering at the skate park, he saw the older kids sucking on their nifty gadgets, blowing clouds of sweet vapour. “The main appeal to me was that it smells good, it tastes good,” says Charlie, now 14. “You think it’s pretty harmless. Like, I would never dare smoking a cigarette. It’s the … [Read more...] about Youth vaping – worrying epidemic or divisive distraction from smokefree goals?