More seek help over debt, but fewer take out loans

Most asking for assistance have had drastic pay cuts or lost their jobs

Pawnbrokers have seen a drop in the number of customers pawning valuables since the start of the circuit breaker.
Pawnbrokers have seen a drop in the number of customers pawning valuables since the start of the circuit breaker.ST PHOTO: DESMOND FOO

After his salary was reduced by more than half in March, John (not his real name) struggled to meet his personal expenses and support his family.

The 27-year-old later borrowed a total of $10,000 from two licensed moneylenders but was unable to make his monthly repayments when he had another pay cut.

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A version of this article appeared in the print edition of The Straits Times on November 13, 2020, with the headline 'More seek help over debt, but fewer take out loans'. Print Edition | Subscribe