Reading from the Channel NewsAsia... Mastercards see a rise in sales for the first weekend of the Great Singapore Sales.. I think Singaporean are signing their life away during this Great Singapore Sales period...
Reason to spend:
It will be a great bargain during this period as everything is getting more and more expensive...
Effect after the Great Singapore Sales:
Prices of fuel, household items and foods will still increase... thus many Singaporean who made payment by credit card during the Great Singapore Sales will start to default their or delay their payment... Credit cards company will be smiling at the interest rates they earn.. but they do not have the last laugh as, people will declare bankrupt if they are unable to pay up...
I think the economy will go into a recession if everyone is not spending... Consumers is slowly tightening their belt... and many business will be closed because of the high operating cost... But to spend on credit cards.. you must be sure you are able to clear the sum spend.. If not as the economy goes into a recession it will be dom..
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