Chronic debt hurts ability of the poor in Singapore to make good decisions: Study

SINGAPORE - Being chronically in debt hurts a low-income person's ability to think clearly and make good decisions.

"If we are worrying about managing debt and calculating what we can afford this month and what we have to give up, we have less brain power for our job, for improving ourselves or to help our children with their studies." She added:"Even if you have the same merit ability as others, you will face more difficulties in achieving your potential. Being poor may make you more likely to turn down a training opportunity, avoid acquiring new skills or try new innovations - all because there is too much on your mind."

Most of them have debts, often for housing, telephone and utility bills, amounting to three or four months of their salaries on average.

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