Singapore: Purchasing items on credit is not a new idea, with its origins dating back to around 5,000 years ago in ancient Mesopotamia. In our modern context, there are a variety of consumer credit instruments available. These include short term and “payday” loans, 0% instalment plans and overdrafts offered by banks and lines of credit offered by merchants, not forgetting the most prolific form of purchasing on credit – the ubiquitous credit card.
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