More young people holding credit cards
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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 -
cos the banks keep calling and offering..........
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more FT otang, can don't pay if balek kampong.
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credit cards r relics of jurassic period dinosaurs.its supposed to be a status symbol in those days when technology such as handphones or computers with monitors weighing almost 20 kg were meant for the rich and famous.
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Originally posted by FireIce:
cos the banks keep calling and offering..........
If you ask them if they have job openings in their bank because you are unemployed, do you think they will stop calling you?
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I also have quite a few credit cards... cuz they give free money to sign up mah....
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my wallet so fat
all cards no marnee
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they love it when people dont pay.
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Originally posted by dragg:
they love it when people dont pay.
too many ppl default = die... example = amerikaaaaa~dun pay is not a good thing...
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Money is King.
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Money is not king. It's only a medium of exchange.
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money must know how to enjoy.
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They spend and help the economy mah. + if they are in debt, they may be forced to work harder and contribute more to the economy and productivity. Should encourage!
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the banks outsource to t/m co. to call
and they no QC the db first
i have only $10 in the bank account
and they can still tell me tt im specially selected to enjoy the offer (credit card/credit line)
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I got POSB give me Everyday Master card, I got NTUC also give me Visa card. Never apply just came in the post like that.
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Spend Spend Spend
Just Spend lah
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All damn rich.
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CC is one great invention of all term, as well as the greatest vice.
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Well that is why many users or card holders had to much debt in their credit cards.
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Visa black card ? =D
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Got mixed opnions about this. Can't deny that it has almost become a necessity in today's times as when you buy stuff online or book stuff, you need CC. On the other hand I think CC is regarded as a status symbol here, by having some of the best credit cards singapore has to offer..people think they have 'made' it. Just have to be careful, don't spend more than you can pay off. CC can be helpful, just don't mis-use it.
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i need to hold at least 2, job requirement.
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got credit card liao keep using......must control.....
sometime got too many credit card until forgot which one i used for what item liao
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More Credit Cards = More bankruptcies.
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Originally posted by charlize:
All damn rich.
Credit cards = Spend future monies....
Once revenue stop coming in.....
then.....
more will rely on this.....
