11 Feb '11, 6am

Indonesians piling up credit card debt: By Wahyudi Soeriaatmadja, Indonesia Correspondent JAKARTA - AN AGGRESSIV...

Indonesians piling up credit card debt: By Wahyudi Soeriaatmadja, Indonesia Correspondent JAKARTA - AN AGGRESSIV...

JAKARTA - AN AGGRESSIVE drive by Indonesia's banks has succeeded in putting more plastic in their customers' hands, but it seems to be giving rise to a generation mired in credit card debt. Card transactions have more than tripled in value over the past five years while the country's economy boomed, but about 70 per cent of those who use the cards pay their bills in instalments despite the high interest rates. Local banks have taken out big advertisements in newspapers and offered special discounts to entice new customers. In Indonesia, 20 million people qualify for a card but fewer than 10 million have one card or more. A monthly income of three million rupiah (about S$430) is required to get one. These marketing moves have paid off for the banks, which see strong potential in the credit card business. The Indonesian economy, which grew 6.1 per cent last year, is forecast...

Full article: http://www.straitstimes.com/BreakingNews/SEAsia/Story/STI...

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