Thursday, July 12, 2007

Do you belongs to the Urban Poor?

Writing about credit cards reminds me of a talk I attended with Credit Counselling Singapore (CCS) recently.

There is a group of people in Singapore who abuses their credit cards and their salary are not enough to pay their loan interest. They caused extreme hardship for their families and they approached CCS for help. What is the profile of these people? Let me share.

Ratio of male to female - 3 : 1
Married with Children - 69%
5 Rm & larger properties - 51%
A Levels and above - 47%
Car Ownership - 20%

Average age - 40
Average no. of creditors - 6.5
Average monthly repayment - $1,400
Average take home - $2,700
Average debt outstanding - $69,000

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