When the next economic crisis hit
Our cost of living is up. Inflation is up. Housing is up, rentals up, everything up. But all affordable. Salary up also. Where got problem? An average Singaporean is strapped with all kinds of hire purchases and mortgage loans. Their lives depend on that monthly income. What happens if he loses his job? When the next economic crisis comes, cannot run, cannot hide. Singaporeans will face the same bad loan crisis in the US. People who lose their jobs will all become defaulters in a matter of months. And we will have our subprime loan, or triple AAA loan crisis. Don't bet on it. With the high cost of living, no one can afford to lose his job and survive. Without that income, he will be debt ridden within months. Worst than the third world countries. They are poor but debt free, actually. They live within their means. We are living beyond our means with everything under mortgage or HP or credit.