Generation Debt

[kazukirai]

Hi all,

I'm inclined to think that the 'Birds of a feather' flock together portion might be truer than we think. After all, within one's circle of friends, it's very common to share the latest information on purchasing all sorts of goods like cars, houses, bags, shoes or the latest dining places. In fact, that's what we're doing right here in this forum.

Throw in bits on sharing how to finance the purchase and the 'keeping up with the Joneses/Tans effect'; and you have a perfect recipe for how some people get into debt while others do not. So maybe the article is a little sensationalist but the stats from places like Credit Counselling Singapore shouldn't lie.

So in fact, our behaviour is probably very much influenced by the people we mix with and in turn we influence them as well.

[momoeagle]

Haha true to birds of a feather.

Actually I referred to the people I met again during reservist, whom I don't usually meet outside of army. Don't think anyone of them has bad debt problems. Unemployed, low savings, probably... but definitely not debt ridden.

[kazukirai]

Maybe in that case the bad debt problem is hidden? i.e. 'borrow' from friends and family but never return or borrow from Ah Long?
I've heard of situations like that. After all, unemployed or low income means that most legal avenues for borrowing are limited or cut off.