From the reports, it was seen that young Singaporeans were facing problems in managing credit and debt, payment data.

From the data gathered by DP Credit Bureau it was noticed that the Singaporeans who were between the age of 21 to 29 years saw defaults that rose from 5.07 per cent in January last year to 7.16 per cent in December.

According to the statement from DPCB, yesterday, it was seen that the rate of bad debts was 130% in the same group which was more than the average rate across all age groups of 3.11%.

It was also noticed that for all age groups Credit card defaults were the most common with a 7.54% default rate. Higher rates of default on debts were seen by the young married couples in the same segment than single counterparts.

“Unlike their older counterparts, many younger people do not have the financial strength and asset depth to deal with changes in their circumstances”, said Ms. Chen Yew Nah DPCB's Managing Director.

He added that the young married couples were more capable of defaulting on payments and they needed to re-evaluate their spending plans and more realistic budgets for themselves that they could adjust to.