Reason why

dear refused to let me get a credit card.
and my "kiasi-ness" to not be in debt and to worry about card repayments every month.
but i wonder how long can we be "cardless" when everywhere are encouraging use of cards.

Prevention is better than cure.

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_529522.html

NEW payment data suggests that many young Singaporeans are grappling with debt issues.

An analysis of credit payment figures from financial services providers by credit and business information company DP Credit Bureau (DPCB) shows that 21-year-olds to 29-year-olds have the highest rate of default of any age group.

According to DPCB, which released its findings yesterday, defaults in this age group grew from 5.07 per cent of payments due in January last year to 7.16 per cent by December that year.

And the same age group saw the steepest percentage increase in bad debts last year to a rate 130 per cent higher than the average rate for bad debts incurred across all age groups.

Credit card defaults were the most common type of default across all age groups.

Those between 21 and 29 years of age again led the pack, with a 7.54 per cent rate of defaults in this area. They were followed by the 30-year-olds to 39-year-olds at 3.97 per cent.