How to Keep Your Credit Afloat

Many people in Singapore are reeling under debt trap, being able to service only the balance amount with interest that is being charged by credit card companies. This is a result of financial indiscipline. This is a folly made by most people following western culture without keeping in mind the ancient wisdom of saving every month and investing it to make the savings grow. These savings will come in handy in future when there is a financial or medical emergency. Many people take a home loan without taking into account their repayment capacity.

They commit hara-kiri by exaggerating their raised income levels that they anticipate for future. This is correct in normal times with jobs that give regular promotions but in harsh economic times that are prevailing today, people are getting pink slips forcing them to default on their repayment. The education system in Singapore has become very costly with a fortune needed to get a college degree, not to mention professional degrees like an MBA or MBBS. This means that if you are starting on your family, you must start to invest in a systematic investment plan to be ready when your kid is ready to take admission in college.