*Official* MasterLeong Thread

[MasterLeong]

Nope. im kinda debtfree. left with my hdb loan. just recently paid up my car loan too.

but im attracted by free money. lol.

ok guys i just did a check with them.

1stly, u must have Cashline, which i tink is very poisonous and i dont have it.

2ndly, u might not be eligible for promotion even if u apply now.

However, if the offer is given to you, IT IS TECHNICALLY FREE MONEY if u dont use it.


its a 6mths loan tenor. requirement is to pay min 2.5% PER MTH

lets take easy math of 100k borrowing of which u have to pay back 2.5% every mth in order not to get screwed with their fees.

So,

End of Mth 1 - Pay back 2.5k
End of Mth 2 - Pay back 2.5k
End of Mth 3 - Pay back 2.5k
End of Mth 4 - Pay back 2.5k
End of Mth 5 - Pay back 2.5k
End of Mth 6 - Pay back 2.5k + remaining 85k BEFORE DEADLINE

Channel the 100k u borrowed into the High Yield OCBC OR UOB ONE saving account.

u sort of earn free interest for 6mths. abit bo liao but maybe u can earn $1k interest for doing nth.

there is always a temption of spending the money or investing the money

out of 100 people who borrow free money in whichever way, credit card or loan

95 people will be fine and incur zero cost to the bank

1-5 people will make mistake, miss payment, over spend etc and become SLAVE OF THE BANK

COLD HARD TRUTHS

 

[MasterLeong]

last time I got a friend... swipe credit card to buy stuff for gf and go holiday with gf

only started off with 5k debt... keep rolling the debt

by year end, tia gong he owe the bank 30k and asking parents to bail him out


anyone got similar experience?

 

[MasterLeong]

http://www.tnp.sg/news/singapore/more-people-credit-card-debt


DELINQUENT DEBTORS (PAYING NOTHING OR LESS THAN MINIMUM SUM)

101,493~!!!!!!!!! - 2015

REVOLVING DEBTORS (ROLLING DEBT BY COVERING ONLY MINIMUM SUM)

566,966!!! - 2015

as u can see the numbers

if we take a population of 5 or 6 mil

1 out of 10 people are in debt... rolling their debt as the banks slowly suck them


they may be your friends or your relatives or your colleague, its hard to tell who is in debt as no one will shout loud loud they owe bank $$$

banks are evil.... invest in them, not borrow from them

cheers

 

[travmufc]

And it's a targeted offer so they probably target those who have a track record of re-financing debt.

 

[[M]aiev]

for me, i personally DO NOT use credit card at all... I last time work in bank... know too much about credit card help the bank to huat gao gao

that its better for me not to use it

my whole wallet only got 1 card, which is the POSB GO! debit card.. thats all

nxt time ask chu out for kopi liao. Must kong xiao u liao.

 

[Average]

no la, it's really no-strings 6 months free $, but DBS is hoping some people refinance their BT with them...by that time the interest rates would probably be like 1.5 to 2% SIBOR, so the quants in DBS would have calculated it already...pass down to consumers at 5% fee...

Nope. im kinda debtfree. left with my hdb loan. just recently paid up my car loan too.

but im attracted by free money. lol.

ok guys i just did a check with them.

1stly, u must have Cashline, which i tink is very poisonous and i dont have it.

2ndly, u might not be eligible for promotion even if u apply now.

However, if the offer is given to you, IT IS TECHNICALLY FREE MONEY if u dont use it.


its a 6mths loan tenor. requirement is to pay min 2.5% PER MTH

lets take easy math of 100k borrowing of which u have to pay back 2.5% every mth in order not to get screwed with their fees.

So,

End of Mth 1 - Pay back 2.5k
End of Mth 2 - Pay back 2.5k
End of Mth 3 - Pay back 2.5k
End of Mth 4 - Pay back 2.5k
End of Mth 5 - Pay back 2.5k
End of Mth 6 - Pay back 2.5k + remaining 85k BEFORE DEADLINE

Channel the 100k u borrowed into the High Yield OCBC OR UOB ONE saving account.

u sort of earn free interest for 6mths. abit bo liao but maybe u can earn $1k interest for doing nth.

wah borrow and park in cimb fast saver lol

Sent from 穷小子 using GAGT

 

[Mecisteus]

no la, it's really no-strings 6 months free $, but DBS is hoping some people refinance their BT with them...by that time the interest rates would probably be like 1.5 to 2% SIBOR, so the quants in DBS would have calculated it already...pass down to consumers at 5% fee...

Smart borrowers will just pay off in 6 months.

 

[MasterLeong]

nxt time ask chu out for kopi liao. Must kong xiao u liao.

sure, confirm treat u drink gao gao~~~~~~~

 

[MasterLeong]

And it's a targeted offer so they probably target those who have a track record of re-financing debt.

meaning they see him up~ hahaha

like AAA bond, no scare default lol

 

[Asphodeli]

And it's a targeted offer so they probably target those who have a track record of re-financing debt.

yeah i currently have about 1 months' worth of salary of loan with SCB, mostly used to hoot rights issue from counters, and slowly paring down debt...so far no overdue/late charges.

 

[mcsane]

wah borrow and park in cimb fast saver lol

Sent from 穷小子 using GAGT

Cimb ish only 0.9%? Uob one effective 2.43%

 

[Average]

Cimb ish only 0.9%? Uob one effective 2.43%

i dun have salary

Sent from 穷小子 using GAGT

 

[MasterLeong]

yeah i currently have about 1 months' worth of salary of loan with SCB, mostly used to hoot rights issue from counters, and slowly paring down debt...so far no overdue/late charges.

wahhhh ok slowly clear ba, dont pay anything extra can liao

once u clear sure feel more relax and relieved

 

[MasterLeong]

never liked debt and never had debt

always feels good to be debt free

investing already very stressful, cannot imagine having debt on top... even more stress

have debt means cannot afford to lose, means easier to make mistakes

 

[Layers]

I think no free lunch in this world ba, its like give kids free candy and hope they buy the candy in the future

same as how credit cards work

on surface credit cards seems like A LOT OF BENEFITS

but studies have shown that people that use credit cards tend to spend more, and banks huat from processing fees when ppl swipe the master/visa

secondly a small percentage of users LACK DISCIPLINE and tend to over spend/ miss payment and thus become slave of the bank

go talk to friends who work at banks you will know that actually sg a lot of people in a lot of debt nose deep

http://www.businesstimes.com.sg/ban...olders-in-singapore-pays-just-the-minimum-sum

Pockets of risk - 1 in 5 cardholders in Singapore pays just the minimum sum

ONE in five credit-cardholders in Singapore are in the habit of paying only the minimum sum in making their monthly payments.

And women aged 30 and above are revolving their debt faster than they did five years ago, while their delinquency rates are close to, or have breached, levels seen during the Sars period in 2003.

Shopping is no. For gals leh

Sent from Sony E6853 using GAGT

 

[Asphodeli]

wahhhh ok slowly clear ba, dont pay anything extra can liao

once u clear sure feel more relax and relieved

haha no worries man, i am master of my debt, lol.

the most satki thing i did was borrow from revolving credit facility to clear the last month payment for a BT, because my revolving credit facility has 0% interest for the first $3k I borrow, LOL! SCB can only suck thumb.

 

[Asphodeli]

never liked debt and never had debt

always feels good to be debt free

investing already very stressful, cannot imagine having debt on top... even more stress

have debt means cannot afford to lose, means easier to make mistakes

yeah debt free ish best. but sometimes people no choice one, e.g. HDB loan, hospitalization bills. so the most important thing is to budget debt and expenses within your means!

 

[MasterLeong]

http://investmentmoats.com/money-ma...aign=Feed:+InvestmentMoats+(Investment+Moats)

M1 and Starhub Price Fall – An Opportunity or Value Trap?


FOR ALL VESTED OR WANT TO BUY TELCOS PLEASE READ THIS ARTICLE

 

[akwl88]

bto is no.1 debt for sure

hard truths for young singaporeans

 

[Tooi Kono Machi De]

http://investmentmoats.com/money-ma...aign=Feed:+InvestmentMoats+(Investment+Moats)

M1 and Starhub Price Fall – An Opportunity or Value Trap?

I just read this sia

Lucky I only nibble M1 no touch SH yet.