, Singapore
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Chart from ROSHI.

How Singaporeans spend their loans

Debt consolidation is the top purpose for loans.

The top reason why Singaporeans take loans is for debt consolidation, accounting for over 40% of total borrowings, according to a report by fintech firm ROSHI.

This is composed of credit card debt (15.61%), debt consolidation (13.22%), and repaying friends and family (25.96%).

ALSO READ: DBS, OCBC to log higher net profits, muted loan growth for Q4: analyst

On the other hand, ROSHI noted that Singaporeans also borrow money for personal reasons such as for business expansion (5.57%), education (3.82%), home payments (14.49%), and investments (3.03%)

Around 1.59% of the borrowing was used for hobbies.

 

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