More people seeking help for unsecured debt problems

Number of requests for help up 18% in first half of 2024, says Credit Counselling S'pore

- Chor Khieng Yuit

The number of people struggling under the load of unsecured debt such as credit card borrowing and personal loans shot up in the first six months of 2024.

There were 1,146 requests for help lodged with Credit Counselling Singapore (CCS) in the six months to June 30, up 18 per cent from the 973 requests in the same period in 2023.

The rise comes as CCS launched a programme on Oct 17 to extend its services to support low-income families facing financial trouble.

The Financial Capability Building Support scheme will start with a select group of families who were referred to CCS by social service agencies.

It aims to teach them financial concepts and skills so that they build prudent money and debt management habits, while helping them pare their existing debt pile.