Today’s paper carried a much more comprehensive article on this matter.

More people aged below 30 finding themselves in huge debt
By Teo Cheng Wee
THEY are under 30, employed and deep in debt.

This is the fastest-growing age group of debtors, say credit counsellors.

On average, they owe $55,000 to about seven creditors, according to new data from Credit Counselling Singapore (CCS), a non-profit group which advises debtors.

Under-30s made up 9 per cent of all cases handled by them in 2006 and 13 per cent last year.

In the first three months of this year, it was up to 15 per cent.

CCS told The Sunday Times that most of these young adults are done in by materialism and a desire for the high life. They splash out on cars, branded goods, overseas holidays, clubbing and gadgets.

Several also gamble away their money.

Young adults are not just facing credit woes – they are also forming a bigger percentage of those who become bankrupt, according to the latest figures from credit analysis firm Amequity.

Last year, people aged 30 and below made up 7 per cent of all bankrupts. In the first four months of this year, that has increased to 12 per cent.

I’m not sure if I might have contributed to the statistics. When I got my first credit card in 2003, I was ecstatic. The ease of swiping a card to buy things that you can’t possibly afford with cash was overwhelming.

In no time, you would be getting that few thousand dollars gadget that was just released in the market. Oh and not forgetting that holiday trip you always wanted but simply can’t afford. And with so many new buys to ferry, you might need a car to zip around in.

Today, I am still in debt. Over the renovation I took for my house, the stuffs to fill it up with, the car, and a holiday I believe I’m incurring the bank’s interest on.

For someone who yearn to have some savings to show for all his progression in life, it is really a mental torture to be faced with such despairing facts.

I did a count and should I not eat, entertain and buy any more stuffs, I would have $108 left in my bank every month.

When things reached this stage, you live to work and not work to live because that is the only thing that might help to reduce the size of the problem.

As of now I have completely stopped all unnecessary expenditures. No more holidays, selling off needless stuffs bought to fill up the house with(anyone keen on a 2nd hand OSIM chair?) and looking at the price of food before I pay attention to what is it.

Why am I telling all these?

I believe the hardest part to these debt problems is owning up. Confessing that you screwed up big time. Without it, you would never take think, let alone take, of any corrective measures.

And by stating these, I hope the next person who happens to get a house, renovation and a car all at the same time might wish to do his/her sums right before all the commitment.

It ain’t fun living a life of debt. Leaving it would be.