28 Aug '14, 6am

29-year old relates how he got $85,000 into debt, and how he’s working towards being debt-free. Read more @

He is well-educated and only 29 years old, but Mr Tan has already racked up $85,000 in debt. Every month, $1,000 of his salary - which makes up about 40 per cent of his pay cheque - goes towards repaying the amount he owes to banks. The IT manager, who agreed to speak to The New Paper on Sunday (TNPS) only on condition of anonymity, has been making these monthly payments for the past two years. With the help of a plan drawn up by Credit Counselling Singapore, he will be debt-free in another five years. His credit woes began when he started a small business with a friend in late 2010. The university graduate, who studied management, explains that it was the lure of easy credit that made it possible at the time. "I had been working before starting that venture, and pumped my savings into it. On top of that, I also applied for cash advances, so it became possible to start the...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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