Personal debt soars among young Singapore adults during pandemic

People in their 20s have been taking on increasing amounts of other debt since the second quarter of 2020. - The Straits Times/ANN

SINGAPORE, Aug 16 (The Straits Times/ANN): Personal debt among young adults here has been rising during the Covid-19 pandemic, and the situation could worsen once interest rates start to rise.

Credit Bureau Singapore data showed that while credit card borrowing showed no significant variation, people in their 20s have been taking on increasing amounts of other debt since the second quarter of last year.