MONETARY Authority of Singapore statistics show Singaporeans have piled on debts at a fast rate up to August this year.

Total debts to individuals and professionals stand at $112 billion, almost 10 per cent up in the past 12 months. In particular, credit card rollover debt has ballooned to $3.3 billion, an increase of $296 million over the past 12 months against a $94 million increase in the previous 12 months.

It is not just credit card debt that has increased. Housing loans are up $6.6 billion. There was also a $2.5 billion (18.4 per cent) jump under 'other loans' to individuals which presently stand at almost $16 billion. The previous year's increase was only $584 million in this category.

Kuo How Nam
President
Credit Counselling Singapore

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