The Rat Race

By peace | July 9, 2007

The only secured loan that I have is my housing loan. Every month, a certain amount is deducted from my husband and my CPF accounts to pay for the housing loan. For anyone who has no CPF, cash need to be paid to HDB or the bank for their housing loans.

In the past, getting loans were easy. However, many people were found not to manage their financial matters properly. Misuse of loans and overspending results in many people ending up in bankruptcy. Soon MAS (Money Authority of Singapore) begin to step in, with guidelines that restrict people from applying too much loans or credits limits. I think this is a good step taken. For anyone who do not know how to control their spending habits, they should not be encouraged to have ‘borrowing’ habits. Several years back, when there was no guidelines, as long as you are working and have a stable job, you can apply for loans. This had done some people more harm than good. Until now, these personal loans are not paid by some people. These people just keep lending more and more money. Their families cannot rest in peace. It is a rat race. All money earned is to repay debts. Every month, interests are paid to the financial institution or the bank. Nobody knows when these debts are going to be end. Nobody knows when their rat race is ever to be completed when there are tons of loans waiting to be repaid. The rat race is tiring and it is not only the lenders who are ’suffering’ alone. The family who cares is also the family who will experience the tiredness and stress of the rat race. There is no peace when you are in the rat race.