In a heartbreaking revelation, a 25-year-old Singaporean has taken to social media to share his financial struggle, burdened by a staggering debt of $21,244. The cause behind this overwhelming debt? His deep commitment to ensuring his mother receives vital medical care.

Earning a modest monthly salary of $3,400 and with no savings to rely on, the young man feels trapped and unsure of how he can possibly navigate out of this debt. To add to his distress, he noted that debt collection letters from banks and credit card companies are intensifying, demanding immediate repayment.

"I can’t apply for a Debt Consolidation Plan (DCP) because my outstanding balance is not above 12 months," he expressed in a Reddit post on the r/askSingapore forum. "No other banks or institutions are willing to provide me with loans due to my bad credit score."

In his plea for help, he expressed reluctance to turn to high-interest lenders, stating, “I do not wish to engage with ah longs or places like Lending Bee as they charge exorbitant rates. What other options do I have?”

The advice from Reddit users has been plentiful. Many suggested he manage his monthly expenses tightly, recommending he keep them below $1,000 and assure his credit card companies he could make a minimum payment of around $2,000 each month.

Several commenters brought attention to potential alternatives for managing his mother’s medical expenses. One suggested reaching out to a medical social worker to see if he could apply for Medifund, a financial assistance scheme for patients with limited means. Another user echoed this sentiment, reinforcing that postponing payment of medical bills might be a better strategy than ignoring the mounting credit card debt.

While family and friends were proposed as possible sources for loans to ease the debt burden, others pointed out that establishing a repayment plan with the banks could prove vital. "Negotiating a repayment plan with the bank might be beneficial. You can also reach out to Credit Counselling Singapore for expert advice," one commenter recommended.

For those facing similar financial difficulties, Credit Counselling Singapore offers debt support services and can be a valuable ally. The agency provides information on potential relief measures, including the Debt Repayment Scheme (DRS) for individuals meeting specific criteria.

This young man's story shines a light on the increasing financial pressures faced by many individuals in Singapore, particularly the sacrifices made for family health care.

As he navigates this challenging financial scenario, it serves as a reminder of the importance of financial literacy and planning, particularly in ensuring one does not find themselves in a precarious situation like this in the future.

*For anyone in similar situations, know that help is available. Don't hesitate to reach out for advice and explore your options.*