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Selling HDB flats not a quick fix for financial problems

Recently, it was reported that three in four of the 400 homeless families helped by the Ministry of Social and Family Development from 2011 to 2013 had sold their Housing and Development Board (HDB) flats to settle financial woes or cash out a profit.

Recently, it was reported that three in four of the 400 homeless families helped by the Ministry of Social and Family Development from 2011 to 2013 had sold their Housing and Development Board (HDB) flats to settle financial woes or cash out a profit.

With the rise in prices of many HDB flats, especially those located near MRT stations and in mature housing estates, it is natural for some to sell their flats to earn a tidy profit. But this should be done only when they have secured another roof over their head.

It seems unwise for owners to use their HDB flats as a quick means to settle financial woes, and, having spent all the sale proceeds, have no place to live in. They then have to seek financial assistance.

HDB flats are a roof over the heads of families. There are other means of settling financial woes, including seeking advice or help from the relevant organisations to repay debts, and these should be explored before homes are sold.

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