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Credit Card Debt

>> Wednesday, February 16, 2011

The rollover ratio, which refers to credit card balances outstanding for 30 days or longer as a percentage of total credit card balances, was 15.5% in 2010, after dipping to a historical low of 14.5% in 2008.

Data from Credit Bureau Singapore show that the share of “revolvers” has remained broadly stable. However, the share of “frequent revolvers” has risen slightly in recent months. Young adults aged 21-29 have contributed to this increase. As of November 2010, they represent 39% of new credit cardholders who are frequent revolvers. Young adults also account for a rising share of credit card defaulters, increasing from 9.4% or 123 defaulters in January 2008 to 13.4% or 233 defaulters in November 2010. This bears close monitoring.

This is indeed a worrying trend. The outrageous interest rates charged on credit card balances and the effect of compounding is a definite route to financial ruin. It is important to spend within ones' means.

1 comments:

financialray February 17, 2011 at 7:10 PM  

A credit card is like a knife, use it wisely to serve you a purpose but you have to be aware of the dangers of not paying your credit card loan in full every month. Credit card debt is worse than borrowing from loan sharks, you are legally in debt and the banks can bankrupt you legally. It does not require high financial IQ to avoid both types of debt. Problem is not many practise delayed gratification in this day and age.

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