My friend ran up S$30,000 in debt. Here's what she got right about recovering - and what she missed
Financial writer Dawn Cher discusses the importance of prioritizing debt repayment and stopping financial bleeding after a major setback. She highlights the necessity of pausing investments and cutting non-essential spending to regain financial stability.
Why it matters
Provides practical personal finance advice for individuals navigating debt crises and economic recovery.
Whether it's a job loss, mounting debt or a bad investment, the temptation to instantly recover the financial loss may be strong, but the first priority should be doing what you can to stop the current situation from becoming worse.
After a financial setback, getting back on your feet financially can take time, and progress may look different from where you started, says financial writer Dawn Cher. (Illustration: CNA/Li Lyn Tan)
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