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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 help.?
According to Credit Counselling Singapore, PRs make up nearly a fifth of those having credit card woes and it is concerned over this trend.
Mr Kuo said: ?Foreigners, because they are in Singapore, they actually have less family support available and that sometimes make their situation worse. There?s no differentiation in ways to help them because their financial situation is usually the same.
?We would try to ascertain what their financial situation is. We would then take them through a counselling process where we try to understand what their problems are, and we will try to work out what the options are. One of the option would be the debt restructuring programme with the bank and see whether we can put them on this programme.?
In 2011, some 1,100 people, including 200 PRs, sought help from Credit Counselling Singapore.
-CNA/ac
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Article source: http://www.channelnewsasia.com/stories/singaporelocalnews/view/1180971/1/.html
Source: http://supercreditcards.info/2012/02/04/more-young-people-holding-credit-cards/
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