The perils of overspending: High income earner in S'pore ends up with $250,000 debt

Many who overspend do not realise the trouble they are in and continue with life as normal until they find out they are no longer able to keep up with repayments. PHOTO: ST FILE
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The biggest myth about overspending is that it is a problem that usually affects people who do not earn enough, yet the reality is that people on higher pay are more at risk of overspending.

Invest recently featured three high-income earners who separately ended up with over $2 million debt each even though their monthly salaries were about $30,000.

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