How to stop personal debt from snowballing

Singapore

AS relief schemes put in place to cushion the pandemic's financial blow start to expire, debt balances are likely to go up in the coming months. Already, figures from the Credit Bureau Singapore show personal debt rising, with the average personal loans and overdraft balances for those under 30 up by about 23 per cent in the first quarter of this year.

Accumulated debt can be difficult to pay off, especially as the balances mushroom with interest - sometimes even snowballing for decades, according to first-hand accounts The Business Times has heard.