Credit Bureau and Credit Counselling

Credit Bureau of Singapore recently announced that many Singaporeans are falling back on their credit card debts. The most 'dangerous' group are those in the age of 30-45.

This age group is not surprising as this is the age group where most people are taking on a lot of debt like mortgage loans. Thus it is important that one manage debt carefully or they may overstretch themselves. Do note that you need to manage your loans carefully because it may affect your credit history. It is well understood that banks will disburse loans to you based on your credit history. If you have a bad credit history, banks will be quite unwilling to disburse loan to you unless a higher interest can be charged or your financial situation will be greatly scrutinized which can be troublesome and uncomfortable.

If you feel that you are falling behind on your payments, you should start controlling your 'outflow'. Do note take on more debt but instead pay down your loans as soon as you have the cash. The interest rate charged on credit cards is 24% per annum and 18% for credit line. These are very high interest rates, as such these loans should be cleared first before you take on more.

If you feel very stretched, approach the bank or the Credit Counselling Center in Singapore (CCS) for help. Banks are generally more willing to help you with your loans than you thought.

Below are the contact details for CCS:

Tel: 1800 CALL CCS (1800 2255 227)
Please ensure to dial 1800 before
2255 227.

Address: #12-01 Maxwell House
20 Maxwell Road
Singapore 069113

Email: enquiry@ccs.org.sg

Opening Hours: Mondays–Fridays, 9am–6pm

Website: http://www.ccs.org.sg

Want to know more about good credit management? Please click here.
Want to know how to better use your credit cards? Please click here.

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