There’s an alarming rise to the level of debt in Singapore, with households having an average debt of S$55,112 per capita. Given the already high cost of living in the country, it is no wonder why individuals and businesses alike are finding it hard to follow through with their scheduled payments on time.
If you or your business is currently finding it hard to pay your debt on time, declaring bankruptcy and defaulting on your debt are not the only options you have. You can try to consolidate all your debt into one using a debt consolidation loan, or you can try to negotiate the terms of your debt payment by doing a debt restructuring loan.
Explore your options when paying back debt smartly even when in a financial bind by consulting with experienced professionals now.