62-year-old with $3k monthly income servicing $100k credit card debt

There are several assistance schemes and repayment plans available to help highly indebted borrowers manage their debt while ensuring that they do not suffer undue hardship, said the Monetary Authority of Singapore.
There are several assistance schemes and repayment plans available to help highly indebted borrowers manage their debt while ensuring that they do not suffer undue hardship, said the Monetary Authority of Singapore.PHOTO: ST FILE

Madam Siti (not her real name) learnt four years ago that loyalty does not always pay.

The 62-year-old former administrative officer was retrenched by a shipping firm after seven years of service with the company.

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A version of this article appeared in the print edition of The Sunday Times on December 29, 2019, with the headline '62-year-old with $3k monthly income servicing $100k debt'. Subscribe