Paying $16,600 in instalments for a $6,000 TV? Debt cases from hire-purchase schemes on the rise

A photo showing consumers at an electronics fair. MPs and social workers have called for stricter policing over hefty interest rates charged by some retailers for household appliances.
A photo showing consumers at an electronics fair. MPs and social workers have called for stricter policing over hefty interest rates charged by some retailers for household appliances.PHOTO: ST FILE

SINGAPORE - Paying for a $6,000 TV set by instalments might seem like a good idea if you are strapped for cash, but there is a financial sting in the tail - that TV could end up costing $16,600 if you pay for it over five years.

Or take a $1,500 washing machine; a customer could end up shelling out $4,600. And a $569 microwave? That will end up costing $2,000.

Please or to continue reading the full article. Learn more about ST PREMIUM.

Enjoy unlimited access to ST's best work

  • Exclusive stories and features on multiple devices
  • In-depth analyses and opinion pieces
  • ePaper and award-winning multimedia content