Personal Bankruptcy
One indicator of debt in Singapore is the number of
personal bankruptcies filed each year. While many more bankruptcies
are declared than need to be, statistics show how many people feel their
debt burden is more than they can handle: Personal bankruptcies are at an
all time high! According to the Law Ministry, a total of
11,127 Bankruptcy Applications were filed and 8,688 new bankruptcies were ordered in the last 4 years. As of
30/6/2011, there are 24,830
undischarged Bankrupts in
Singapore.
Rise in Debt
Borrowing by Singapore households has risen sharply
since 1995. This makes this sector the most heavily indebted in the
world, relative to disposable income and Gross Domestic Product (GDP).
Wealth and liabilities of Singapore households have shown that financial
liabilities of Singapore households soared from 118 per cent of personal
disposable income in 1995 to 174 per cent in 2000 (Today dated 28/3/03). In the
year 2002, credit cards companies alone had written off a total of $126
million of bad debts. As of May 2005, our rollover balances - the
value of accounts that were not fully paid off from the previous month
stood at nearly S$2.4 billion. In September 2008, credit card loans
amounted to $844 million more than in the same month a year ago - a 19%
increase.
You can help stop our national romance with debt by
becoming Debt-Free, learning the skills necessary to
manage your own finances and handling your spending responsibly.
Let DebtReform help you become debt-free, and along the way, we can
show you how to be a responsible credit consumer.
