More seek help over debt issues as fewer people turn to moneylenders and pawnbrokers

Rising gold prices might have contributed to the increase in redemption rates. ST PHOTO: DESMOND FOO
New: Gift this subscriber-only story to your friends and family

SINGAPORE - John (not his real name) struggled to meet his personal expenses and support his family after his salary was cut by more than half in March.

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 suffered another pay cut.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.