SINGAPORE — A debtor borrowing from 41 moneylenders, outstanding loans of over S$90,000, and an increase in the number of Singaporeans aged over 50 seeking help after gambling and getting into credit problems over three years.

These were among the startling figures revealed by Credit Counselling Singapore (CCS) on credit card debt faced by Singaporeans, after Finance Minister Tharman Shanmugaratnam, in response to a question tabled in Parliament last Monday, said “about 31 per cent of those who sought help from CCS were 35 years old and younger”.

The CCS said it has counselled 806 cases on credit card debt in the first half of this year. Last year, the association counselled 1,605 cases, up from 1,090 in 2011 and 1,066 in 2010.

Earlier this month, the Government announced tighter rules for credit cards and personal loans so those with bad debt would find it harder to obtain new credit. The rules will be implemented progressively.

In a written reply to the parliamentary question by Nominated Member of Parliament Mary Liew, Mr Tharman said while defaults are low, this “should not lull us into complacency”. “We should reduce the risk of people borrowing beyond their means,” he said.

According to figures from the CCS, Singaporeans in their 30s have been dominant among those seeking help in the past four years. The average debt for this age group was between S$70,000 and S$80,000 over the past three years. Overspending, pay cuts or loss of job were leading causes behind their credit delinquency and defaults.

For Singaporeans aged over 50, more are seeking help for debts accumulated from gambling. The CCS counselled and placed 47 such individuals on debt management programmes last year, up from 24 in 2011 and 17 in 2010.

Although the new rules by the Monetary Authority of Singapore will help address problems faced by debt-ridden Singaporeans, CCS head counsellor Lim Cheng Boon is worried some will seek other means of financing themselves. “They may resort to other ways of borrowing, and go on borrowing until there is nowhere else to borrow,” he said. “Then, they may go to moneylenders, and once they start with one moneylender, there will be no end.”

Unlike monthly repayments for bank loans, moneylenders will demand weekly payments. “If (debtors) can’t pay the first one, they will borrow from a second. This will grow,” said Mr Lim, adding that a debtor in a recent case borrowed from 41 moneylenders.

Ms Liew said she was concerned about younger Singaporeans spending beyond their financial means in their “subconscious pursuit of lifestyle choices” and easy purchases through online shopping. “Younger Singaporeans often do not have the financial strength or adequate savings that would allow them to deal with any sudden changes in employment status ... which may lead them to payment defaults and high credit card debts,” she said.