Young and in debt - Desiree's take. (Thursday, May 27, 2010 / 11:59 AM)
It does not take a wise man to conclude that most of the Singaporeans ARE debt-stricken. The younger generation are facing financial predicament? Well, I think my senior counterparts aged 21 to 29 (I'm only 17!) are following the
'natural procession' of a typical Singaporean's life. Let me explain why, based on my observations of the adults around me.
A normal Singaporean adult would be under two loans, either/or.
1) Car loan
2) Housing loan
The way I decipher it is, if you're taking a loan, you are in a debt, then you spend the rest of your life trying to clear these debts. Which I reckon the adults won't be able to, since they like to "suka suka" upgrade their cars and houses the moment they draw a higher pay. To me, it only means that they're capable of paying a higher monthly loan. What's the difference between driving a sports car and a normal saloon car when the speed limit of the roads are still the same? What's the difference between staying in a condo or a HDB flat when all you want is a roof over your head?
Young Singaporeans aged between 21 to 29 splurge most on food and shopping. But of course, at this age group, you dress to impress or to kill. You'll want to dine and be seen in posh, upscale restaurants in Dempsey Hill or Holland Village, paying for the ambience, than be seen sweating it out in a hawker centre. You're still eating pork chop irregardless of paying $5.50 or $17.50 for it. You're still wearing a top irregardless of whether it is a Armani Exchange or a Pasar Malam one. I can say all these but I do not practice what I preach anyway.
If the banks push down the minimum age limit to own a credit card, I wont be surprise to see my classmate(s) having bread and water during lunch time.
