A former gambler owed, at his lowest point, a sum of $60,000 to 18 licensed moneylenders in 2012.
Enticed by the thrill of online football betting and casinos, the sales manager, who wanted to be known only as Mr Ang, borrowed from multiple registered moneylenders to feed his gambling habit as well as to cover debts with moneylenders and even loan sharks.
While the 54-year-old has already paid off his debts by working two jobs, he said the stricter loan caps proposed in Parliament on Monday would have protected borrowers like him from overborrowing.
If passed, the changes to the Moneylenders Act will mean a person can borrow only within a set cap, regardless of how many moneylenders he goes to. Current caps apply only to loans f…
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