We have to stop the toxic trend of "buy now pay later" from Singapore - Printable Version

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+--- Thread: We have to stop the toxic trend of "buy now pay later" from Singapore (/Thread-We-have-to-stop-the-toxic-trend-of-buy-now-pay-later-from-Singapore)

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We have to stop the toxic trend of "buy now pay later" from Singapore - sgbuffett - 25-08-2022

There are companies trying to addict our young to debt by pushing consumerism  to the extreme. It is called the "buy now pay later schemes".

We know it has devastating effects in other countries yet the MAS and govt  doing nothing.



We should not allow something because it is a trend.
Companies will exploit this ability to extend credit and cause harm to our society.

This is hire purchase on steroids as it just need kne click of a button





Learn from the mistake of others. We once face the problem of ballonjng credit card debt which led to awkward implementation of debt monitoring like TDSR to bail out credit card industry from the problem they caused. Now we are allowing something that with high certainty to cause a big problem downstream.

It js poor governance if nothing is done.

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - winbig - 25-08-2022

(25-08-2022, 08:47 AM)sgbuffett Wrote:  There are companies trying to addict our young to debt by pushing consumerism  to the extreme. It is called the "buy now pay later schemes".

We know it has devastating effects in other countries yet the MAS and govt  doing nothing.



We should not allow something because it is a trend.
Companies will exploit this ability to extend credit and cause harm to our society.

This is hire purchase on steroids as it just need kne click of a button





Learn from the mistake of others. We once face the problem of ballonjng credit card debt which led to awkward implementation of debt monitoring like TDSR to bail out credit card industry from the problem they caused. Now we are allowing something that with high certainty to cause a big problem downstream.

It js poor governance if nothing is done.

Did the companies break any law?

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - sgbuffett - 25-08-2022

(25-08-2022, 08:48 AM)winbig Wrote:  Did the companies break any law?

Regulation can be introduced to stop the companies

If a new poison is invented there is no existing law against it.

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - winbig - 25-08-2022

(25-08-2022, 08:59 AM)sgbuffett Wrote:  Regulation can be introduced to stop the companies

If a new poison is invented there is no existing law against it.

It's the same as interest free installment. It's just being packaged in a different way.

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - sgbuffett - 25-08-2022

Buy now pay later pose a risk to financial system due to its ability to spread using addictive algorithms and software.

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - ArielCasper - 25-08-2022

(25-08-2022, 09:14 AM)sgbuffett Wrote:  Buy now pay later pose a risk to financial system due to its ability to spread using addictive algorithms and software.

Sgbuffet, pls go lobby to regulate buy now pay later.

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - Tangsen - 25-08-2022

(25-08-2022, 08:59 AM)sgbuffett Wrote:  Regulation can be introduced to stop the companies

If a new poison is invented there is no existing law against it.

Agreed, if not we end up like the failed country Disunited Shite of Assmerica. Living on credit cards

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - Migrant - 25-08-2022

Just do it. 
Nobody can help you but yourself.

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - A2Z - 25-08-2022

Just some old fashioned a la hire purchase scheme with added twist to it. all those schemes/ideas out from the silicone valley we totally embraced as bright ideas. with softbank's masa son using its big money power to buy this that giving super $B valuations, bnpl is a matter of bankrupting ownself enriching entreprenuers' pockets.

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - RiseofAsia - 25-08-2022

(25-08-2022, 08:47 AM)sgbuffett Wrote:  There are companies trying to addict our young to debt by pushing consumerism  to the extreme. It is called the "buy now pay later schemes".

We know it has devastating effects in other countries yet the MAS and govt  doing nothing.



We should not allow something because it is a trend.
Companies will exploit this ability to extend credit and cause harm to our society.

This is hire purchase on steroids as it just need kne click of a button





Learn from the mistake of others. We once face the problem of ballonjng credit card debt which led to awkward implementation of debt monitoring like TDSR to bail out credit card industry from the problem they caused. Now we are allowing something that with high certainty to cause a big problem downstream.

It js poor governance if nothing is done.

If someone wants to commit suicide, can you stop them?  
How many can you stop?

Let them have a taste to become a bankruptcy then they will learn the lesson.
不进棺材不掉泪。

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - RiseofAsia - 25-08-2022

https://pkwalaw.com/declaring-bankruptcy-singapore/

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - RiseofAsia - 25-08-2022

Take note of this credit scoring.

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - cityhantam - 25-08-2022

(25-08-2022, 08:59 AM)sgbuffett Wrote:  Regulation can be introduced to stop the companies

If a new poison is invented there is no existing law against it.

Housing, cars, etc also buy now pay later.

Shall we stop that also?

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - WhatDoYouThink? - 25-08-2022

so housing loan, reno loan, car loan, student loan, ... all are toxic and shd be banned?

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - sgbuffett - 25-08-2022

(25-08-2022, 11:41 AM)RiseofAsia Wrote:  If someone wants to commit suicide, can you stop them?  
How many can you stop?

Let them have a taste to become a bankruptcy then they will learn the lesson.
不进棺材不掉泪。

If someone wants to take drugs or steroids do we allow it to be  easily accessible?

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RE: We have to stop the toxic trend of "buy now pay later" from Singapore - Migrant - 25-08-2022

It's a poison and you still want to take it? 
You die your business.

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