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