Wouldn’t it be great to be able to afford everything you need or want in life? However, in reality, this always isn’t possible for many people. Singapore is one of the most expensive cities to live in. A good chunk of your salary probably goes into funding the basics such as keeping a roof over your head, clothing and putting food on the table. There’s little left over for saving or spending on other things. It is therefore not surprising that many Singaporeans are opting to take credit to afford the things they wouldn’t be able to afford on their salary. This allows them to pay for items or services over a longer period, making these things affordable. There are various types of credit in Singapore. These include bank loans, credit card loans and personal loans from moneylenders. Bank loans sometimes come with various stringent requirements. They are often given for a specific purpose, such as buying a house or car and require collateral as security for the loan. In addition to this, it can take weeks to secure a bank loan. They are therefore, not the best option if you have an immediate need for cash. Credit Cards Credit cards are one of the most popular lines of credit in Singapore. They are convenient for consumers and are accepted by just about every supplier. You can use your credit card to pay the rent, pay your medical bills, hire a car as well as shop in the mall. The Pros of Credit Cards 1. They are convenient Credit cards are an easy and convenient way to purchase items and pay for services. They are widely accepted in both online and traditional brick and mortar stores. This means you can shop anytime and anywhere without worrying about the amount of money you have in your wallet at the time. 2. They offer greater safety Shopping with a credit card offers greater safety than shopping with hard cash. You’ll only need to carry a piece of plastic. No need for walking around with wads of cash that will draw attention. Let’s
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