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More people missed payments on credit cards last year, says Credit Bureau

SINGAPORE — A larger number of people in Singapore missed payments on their credit card bills last year as average card balances increased across all age groups, Credit Bureau Singapore (CBS) said today (April 21).

More people missed payments on credit cards last year, says Credit Bureau
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SINGAPORE — A larger number of people in Singapore missed payments on their credit card bills last year as average card balances increased across all age groups, Credit Bureau Singapore (CBS) said today (April 21).

CBS is a joint venture between the Association of Banks in Singapore and DBIC. CBS’ role is to provide information to banks and other financial services firm to help them strengthen their risk assessment capabilities.

According to CBS, 14.64 per cent of consumers missed at least one payment on their credit card accounts last year, up from 13.54 per cent in 2012. The figure was 12.55 per cent in 2011.

CBS also said average balance increased across all age groups, with men and women aged between 45 and 49 topping the spending chart with an average monthly balance of S$6,577 on all their credit cards.

The average balance per consumer was S$5,304 last year — a rise of 4.17 per cent over 2012.

The average balance refers to the amount spent on credit cards plus roll overs and financial charges. CHANNEL NEWSASIA

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