Personal loans include credit card debt, car loans and other loans like education loans and renovation loans. Besides credit card debt, car loans also contributed to the rise in personal loans. Most personal loans, such as credit card debt and renovation loans, are unsecured loans not backed by collateral. In 2023, the average debt size of the individuals who sought CCS’ help was about S$95,409, while the median debt size was S$51,609. An average debt size that is bigger than the median debt size implies that there were some borrowers who owed much more than their peers.

Source: The Star June 03, 2024 14:57 UTC