04 Feb '12, 1pm

More young people holding credit cards

More young people holding credit cards

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 h...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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