By Alvina Soh | Posted: 04
February 2012 2057 hrs
SINGAPORE: Credit Bureau Singapore said the number
of credit card holders aged 21 to 29 have shot up by nearly 50 per
cent over the past four years. They now total 150,667. However,
this group is also seeing a bigger jump in those not paying in
full.
From 2008 to 2011, the bureau said the number of so-called
"frequent revolvers" jumped by nearly 70 per cent. They are those
who pay a part of their bills and roll over the outstanding balance
for at least three consecutive months.
Separately, Credit Counselling Singapore said it is also seeing
more permanent residents seeking financial help.
Kuo How Nam, president of Credit Counselling Singapore, said: "In
2008, what we saw was a big increase in the number of people coming
to see us. But that stabilised over the last few years. So what has
been very noticeable is there are more permanent residents (PRs)
coming to see us for help."
According to Credit Counselling Singapore, PRs make up nearly a
fifth of those having credit card woes and it is concerned over
this trend.
Mr Kuo said: "Foreigners, because they are in Singapore, they
actually have less family support available and that sometimes make
their situation worse. There's no differentiation in ways to help
them because their financial situation is usually the same.
"We would try to ascertain what their financial situation is. We
would then take them through a counselling process where we try to
understand what their problems are, and we will try to work out
what the options are. One of the option would be the debt
restructuring programme with the bank and see whether we can put
them on this programme."
In 2011, some 1,100 people, including 200 PRs, sought help from
Credit Counselling Singapore.
-CNA
