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How to Be Financially Responsible in Time of Crisis

There are many emergencies in life when one needs cash fast to fulfill his requirements as when there is some medical emergency or when he needs money to fulfill his obligations towards his family members. So it becomes unavoidable at times to avail a loan but thing to keep a watch in a tight economy like Singapore is that you must not take loans for requirements that are not pressing. For example, it is seen that people buy unnecessarily through their credit card when they are offered various schemes in big departmental stores. Many such items remain unused while there is an unpaid balance in the credit card of that person.

People should always remember that taking a loan demands fiscal prudence and discipline. Even when you are taking a loan from a bank when making a home for your family, never exceed your budget. Do not overestimate your future income levels thinking you will be earning double of what you are earning now. This is necessary in a tight economy like Singapore as many who have been fired from their jobs recently have found out to their own peril.  Taking a loan is not bad from any angle or thinking, it is financial indiscipline that creates all problems.

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