No one wants to be crippled by debt. But when your debts pile high and clearing them seems like an insurmountable challenge, don’t be afraid to seek out help. Here are 5 tips on what to do to reduce your liabilities and become debt-free.

1. Make clearing your debts your first priority.
Take a moment to sit down and draw out how much debt you have, and what you need to do to clear it. Downloading your credit report (here) is a good place to start and get an overview of where your finances currently stand.
Once you’ve acknowledged the extent of the problem, you’ll be better equipped to start dealing with it.

2. Plan out your income and expenses.
Clearing your debt should take priority, but in the meantime, you still have daily expenses to pay for. Draw up a monthly budget and see what areas you can cut down on your spending eg. making your own coffee and meals instead of buying out, switching to a cheaper electricity retailer, reducing your telco bills, etc.
Of course, cutting expenses alone isn’t enough. The next step will be to look at how you can increase your income, such as through side gigs like setting up a small e-commerce business, teaching tuition, driving Grab, etc.

3. Use savings and discounts.
To make every dollar stretch further, I like to buy groceries and toiletries when they’re on sale, or go for the house brands (eg. NTUC or Watsons) which usually retail for much lesser.

While credit cards and cashback apps can help maximise your savings, if you feel you lack discipline, then perhaps leaving your credit cards at home instead might be a better idea so that you prevent any further debt accumulation.

Look out for discounts and coupons that you can use in order to save and pay less. There are also group buys for groceries which you can take advantage of, and buy secondhand from places like Carousell or Facebook MarketPlace whenever you can.

4. Recognise the signs when your debt gets out of hand.
Are you using almost your entire income to pay off your debts?
Do you have to resort to borrowing or living on credit to survive the month?
Are you working overtime to clear your debts that your health is beginning to suffer?

If you’ve answered yes to any of the above questions, then it could be time to seek professional help.

5. Seek out professional help.
For eligible households, there are various assistance schemes offered at the national and community level that you can apply for and consider, such as via Credit Counselling Singapore (CCS). As long as you’re working hard to improve your financial circumstances, there should be no shame in asking for help. There are also various support systems available for families, children and the elderly that can help ensure that their well-being, education and health are not compromised.

However, if you’re uncomfortable with being seen on public platforms at the information sessions organised by CCS and prefer a 1-to-1 consultation, CCS offers this at $30, whereas Debtpedia does it for free and in the comfort of your own home.


Many people are afraid about the stigma involved in debt assistance, but you shouldn’t be. Ultimately, do remember that there’s nothing more important than clearing your debts and avoiding financial ruin.

Did you know that there is a scheme to save you from bankruptcy and clear your debts within 5 years (or sooner)? Book a confidential appointment today with Debtpedia to find out more!

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