Personal debt soars among young S’pore adults during pandemic
- Posted by: vitu
- Category: Singapore
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.
The data showed that the average personal loans and overdraft balances for those under 30 rose by about 23 per cent in the first quarter of this year over the last three months of last year.