Credit card debts ballooning
It hit an estimated $3.4 billion in December and people are seeking out help to deal with their bills. -ST
Thu, Feb 26, 2009
The Straits Times
By Melissa Sim
BALLOONING credit card debt hit $3.4 billion last December, and more people have sought help in settling their outstanding bills.
Going by figures from the Monetary Authority of Singapore (MAS), the number of credit cards rose 11 per cent in the last year, but rollover balances jumped more than 13 per cent. Rollover balances, which are the amounts unpaid and subject to interest charges, have been on a steady climb since 2006.
Also up: The proportion of card holders with bills unpaid 30 days past the due date. It rose from 1.38 per cent last July to 1.67 per cent in December.
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