SINGAPORE: A man took to social media to share that he had lost most of his money in the stock market and cryptocurrency last year and ended up owing the banks over S$60,000 on credit cards and personal loans.
Because the man never foresaw this downfall, he also admitted to making numerous financial mistakes in the past, such as spending more than he could afford, financing his extravagant lifestyle with credit cards, and not worrying about it because his investments were doing well.
To add to his problems, he also got retrenched in October 2023.
“I decided to turn over a new leaf and start over,” the man said on r/askSingapore on Monday (Feb 26).
While looking for a new job, the man shared that he did various part-time jobs to make ends meet and pay minimums for his credit card.
“Grabfood, Foodpanda, waitering, giving out flyers… I did it all. But the interest was (and still is) killing me. Friends helped me out with loans on the months I came up short,” the man said.
Fortunately, he was able to find a new job that pays slightly more than his previous one, and he is now just trying to get by until his first paycheck arrives in mid-March.
“Right now I have $6 left in my bank account to last me until mid March. For food, I decided I can use our family’s CDC vouchers to buy groceries and toiletries from the neighborhood shops.”
The man added that he has also made every effort to cut costs.
Some of these efforts include not going out as much, bringing food and instant coffee from home rather than buying them at work, and getting his entertainment from free sources like the library and cycling.
“I’m aware that I have to live very simply and carefully like this until I finish paying off the loans to my friends and at least half of my CCs. But if anyone has any advice for me, please let me know. Pretty desperate now,” the man said.
Singaporeans offer to treat the man to a meal
Aware of how much the man is suffering, several Singaporeans offered to treat him to a meal.
“Do you have PayLah? I don’t mind treating you to a meal. Hang in there,” said one individual.
“I saw that you already rejected some offers for a meal treat, but I just want to throw my name into the hat as well. Let me know if you ever need some money for meals, necessities, etc, just to help you tide over this difficult period.
Also, if you need someone to talk to, feel free to drop me a direct message anytime,” said another.
Consider taking on side hustles and debt repayment schemes
Many people also offered the man advice, with some suggesting that he try side hustles in his spare time or apply for debt repayment schemes.
One individual said, “Sorry to hear this OP, but the best way to move forward would be to increase your income!! Moonlighting is not illegal in Singapore (unless you are a civil servant); take on side hustles, part time jobs if possible.
And, of course, take breaks too and don’t over-exert.”
Another person, who shared that he was in a similar situation as the man before, shared that he could try out three options.
- Best is to go for DRS. It is legit and legal under Singapore Law. You can do the application on your own or find someone/a company that can help you with that.
- Apply for Credit Card Debt Consolidation Plan (DCP). The bank you applied for will pay off all the credit card debt that you’ve owned and you just pay off to this one bank.
- Credit Counselling Singapore. An agency that is made up of past professionals working in banks, counsellors that will sit down talk to you and make up a plan on how to pay off your debtors. You have to go thru counselling, lessons and interview before they assess if they are able to help you. This agency will be talking to banks and negotiate a suitable payment plan on your behalf.
Read related: “Screwed up big time”— Young man incurs $60k debt because of “day-trading losses”