How to repay - and avoid being in - debt

Be brutally honest with yourself, says OCBC's head of wealth management Tan Siew Lee.
Be brutally honest with yourself, says OCBC's head of wealth management Tan Siew Lee.

If your debts are mounting, asking banks for another quick loan is not going to make the problem go away. Indeed, doing so can put you deeper in the red.

"If you are unable to repay your debt, be upfront with your bank to see if you can work out a more manageable repayment plan," says Ms Tan Siew Lee, OCBC's head of wealth management.

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A version of this article appeared in the print edition of The Sunday Times on June 21, 2020, with the headline 'How to repay - and avoid being in - debt'. Print Edition | Subscribe