Debt are symptoms of system problems within a person as well as the modern community.
The personal finance news this week have been on unsecured borrowing.
The changes, to be implemented in stages from Dec. 1, include a limit on the total amount of unsecured loans an individual can take to 12 times that person’s monthly income.
The changes are "aimed at improving lending practices by financial institutions and enabling individuals to make better borrowing decisions", the Monetary Authority of Singapore (MAS) said in a statement.
Personally I don’t recall much friends being in such a fix. 12 months does sound a lot. Usually if it comes to that big of an amount, you would think they would borrow it from a lender at a lower rate.
...Banks wrote off S$226.6 million ($178.64 million) in bad debt last year, an increase of 21 percent from S$186.7 ...
