Singapore woman, 24, seeks realistic repayment plan after falling behind on S$55k debt

SINGAPORE: A 24-year-old Singaporean woman earning S$3,500 a month has admitted she is struggling to keep her head above water after racking up S$55,000 in debt and missing two months of repayments.

Posting on the r/singaporefi subreddit, where Singaporeans discuss personal finance and investing, she said she owed S$27,000 to banks and another S$28,000 to moneylenders after making what she called “mistakes of helping other people” financially.

The woman said she had tried approaching friends and family for help, but most were either unable to support her financially or lacked the knowledge to advise her.

“It’s been a long time since I've felt peace or felt weight off my shoulders. I’ve been trying to manage my monthly income against my existing debts and commitments, but I’ve reached a point where I can no longer keep up with the payments. It’s more of the moneylender that I'm concerned about, as it's 3.92% per month.”

“I know this is serious, and I’m not trying to run away from my responsibilities or make excuses for what has happened. I’m genuinely struggling, and I’m worried about how much worse the situation will become if I don’t get help to restructure things now.”

She also confessed feeling “ashamed” that she had allowed her finances to reach this stage, which was partly why she chose to seek advice anonymously online.

Seeking a way out, she asked the online community: “I genuinely want to change my situation. I’m not asking to solve all my problems for me. I’m asking for help and guidance so that I can work out a realistic plan, manage my debts properly, and start making payments consistently again.”

“I want to take responsibility and do things properly this time. I know I have a long way to go, but I’m asking for a chance to put things right. I really need help finding a way forward.”

‘Cut everything to the minimum’

In the thread, one commenter advised her to prioritise paying off the moneylender loans because of their high interest rates, then get rid of her credit cards and switch to cash to keep her spending in check.

They also urged her to spend a full year cutting out unnecessary purchases and luxuries, writing: “Pull through for 1 year of zero unnecessary expenses. YES, you are not allowed to splurge anymore. 12 straight months. NEVER EVER borrow money from a moneylender again. If you do, you need to wake up.”

Another suggested borrowing S$28,000 from someone else to settle the moneylender debt, then repaying that person as a priority.

“My advice.. Lend from someone S$28k and settle the moneylender once and for all and pay back the lender monthly as a first priority. Cut everything to the minimum. I mean minimum. Phone plans, Netflix, food just to stay alive, and S$0 enjoyment and luxury.”

Other commenters suggested looking into debt consolidation plans or taking on additional jobs to bring in more income.

One said, “Stay positive. Maybe an extra job is needed for more income flow just to clear all this. Just keep it legit. It will take time but you will see the end of the tunnel.”

Another shared, “I know a friend. S$80k debt, S$4k pay. evening delivery, morning delivery before 8 a.m., tahan, and pay-off in 2 yrs.”/TISG

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