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Borrowing money by young Singaporeans soars during pandemic

SINGAPORE - Personal debt among young adults here has been rising during the Covid-19 pandemic, and the situation could worsen once interest rates start to rise. Credit Bureau Singapore data showed that while credit card borrowing showed no significant variation, people in their 20s have been taking on increasing amounts of other debt since the second quarter of last year.. ....

National University Of Singapore , Singapore General , Ruan Tianyue , Yu Yinghui , National University Of Singapore Business School , Credit Bureau Singapore , Singapore Management University , Lee Kong Chian School Of Business , Singapore University Of Social Sciences , Bureau Singapore , Professor Yu Yinghui , Singapore University , Social Sciences , Finance Song Changcheng , Lee Kong Chian School , Selena Ling , Finance Ruan Tianyue , National University , Singapore Business School , William Lim , தேசிய பல்கலைக்கழகம் ஆஃப் சிங்கப்பூர் , தேசிய பல்கலைக்கழகம் ஆஃப் சிங்கப்பூர் வணிக பள்ளி , கடன் பணியகம் சிங்கப்பூர் , சிங்கப்பூர் மேலாண்மை பல்கலைக்கழகம் , லீ காங் சியான் பள்ளி ஆஃப் வணிக , சிங்கப்பூர் பல்கலைக்கழகம் ஆஃப் சமூக அறிவியல் ,

Debt burden of young Singaporean adults increases during pandemic

SINGAPORE - Personal debt among young adults in Singapore has been rising during the COVID-19 pandemic, and the situation could worsen once interest rates start to rise, Vietnam News Agency (VNA) reported.Statistics of the Credit Bureau Singapore (CBS) show that the average personal loan and overdraft balances for people in the group age from 20 to 30 years old shot up 23 per cent quarter-on-quarter to S$49,689 SGD (US$36,600) in the first quarter of this year, about 42 per cent higher than the average of S$34,941 in the first quarter of last year. ....

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