SONG BOH???? Bad Credit Card Debt in Singapore Nearing Its 10-Year Peak

[micromachine]

The recent data release from the Monetary Authority of Singapore suggests that consumers in the country might be going overboard with their credit card usage. Here, we discuss the rise in bad credit card debt, its potential causes and consequences.
Credit cards are incredibly popular in Singapore, especially due to the high amounts of rewards that issuers provide to their members. In fact, the number of credit cards in circulation has grown by 130% since 2004 to over 9 million. But, recent data release from the Monetary Authority of Singapore suggests that this rapid growth in credit card usage may be going overboard. As people rely on debt to finance their consumption, banks are starting to take some heat in form of bad credit card debt.

Bad Credit Card Debt Nearing 10-Year Peak

According to the latest data release from the Monetary Authority of Singapore, bad credit card debt that was "written-off" jumped 16% to S$27.9 million in March compared to S$24.1 million in February, after gradually declining in 2017. In fact, the current level of written off card debt on a per card basis was only 4% lower than its peak level in the last decade.

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[Scrooball (clone)]

Owing credit card debt is the stupidest thing one can do beside trading contra stocks.

At 24% per annum interest and late monthly fees, u are essentially borrowing from loanshark