Spotlight thrown on highly leveraged borrowers


A BORROWER mired in debt here would have taken up nearly S$80,000 in loans - or some 28 months of his salary - from seven creditors. He would probably stand hunched among the 3 per cent of unsecured-credit borrowers that the Monetary Authority of Singapore (MAS) estimates to have racked up unsecured debts exceeding their annual income.

And he may not have started off from the poverty line, with close to 65 per cent of these borrowers earning more than the average monthly wage of around S$3,700...

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