SINGAPORE: Devastated and feeling lost, a man in his mid-twenties took to social media to share that he plunged into a S$60,000 debt because of “day-trading losses.”

“Screwed up really big time,” the man wrote on r/singaporefi on Thursday (Jan 1). 

He also wrote in the post that the amount was paid with his credit card and that, as of right now, interest is being charged on a monthly basis. 

Furthermore, he disclosed that he earns between S$3,000 and S$4,000 a month from his full-time job.

“Washed my hands off any form of trading. It is eating into me really bad, it’s all I think about day and night. I really need some sound advice, what are my options to clear this debt?” the man asked.

SG Redditors: ‘Get a free credit counselling session’

In the comments section, one user advised the man to get a free credit counselling session from Credit Counselling Singapore (CCS), adding, “It will be far better than anything Reddit can offer you.”

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Another user also shared that he had been through the same situation before, stating that he lost around S$70,000 and wiped his savings. He added that some of the things that got him back up again were giving up day trading, not looking back, and working even harder to make up for his losses.

The man also advised, “Approach family to help tide over hopefully at least a portion of the amount first, reducing quantum by however much possible. Take on additional jobs for more income, note down your spending habits and cut any non-necessity spendings.

Credit card interest is no joke. Focus yourself to clear within the next few months/years if possible. It’ll be tough but you most definitely can recover from it. Hang in there.”

One user also tried to offer the man with encouraging words, writing, “Your first line has the answer – “mid-twenties”. You have age and time on your side dear friend. There’s probably 30-40 more years ahead of you to build a career or business and overcome this. Sure, it’s a pain in the short term – just need to power through next few years to solve for this.”

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Credit Counselling Singapore (CCS) can help

Even though it can be unsettling to see credit card interest mount up on your monthly bills, you can still turn things around with the help of the experts. As a first step, you can sign up for a free consultation with a counseling agency and/or company.

CCS, a non-profit social service agency, can provide you with information on how to deal with unsecured debts, how to get your finances in order, and what debt settlement options are available. 

If interested, you can attend their “Consumer Debt Management Information Talks,” which will be held on the following dates: February 7, 14, 24, and 28.

Register now to secure a seat at the upcoming CCS webinars.