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Unpaid, unsecured consumer debt ballooned to $288m in H1
Over 85,000 customers have overdue credit card payments.
The amount of outstanding unsecured consumer debt continued to rise in the first six months of the year, according to a report by Credit Bureau Singapore (CBS).
The number of customers who have missed two or more of their unsecured credit payments rose to 85,352 in the first half, representing 5.23% of all customers with unsecured credit.
The amount of overdue balances also rose to $288m, compared to $269m in 2014 and $242m in 2013.
This number is higher than the 77,494 customers who have missed two or more of their unsecured credit payments in the same period last year.
Unsecured credit includes credit card, overdraft, and personal loans. CBS data showed that the average balance per consumer for unsecured credit cards and overdrafts fell to $7,971 in the first half, compared to $8,018 in the same period last year.
"While consumers' outstanding debt remains high, we note that average debt exposure for credit cards and overdrafts is stabilising. This may indicate that the measures put in place by both the regulator and banks to help borrowers pay down their debt are beginning to have an effect on the market. CBS will continue to monitor this trend," said William Lim, executive director of Credit Bureau Singapore.
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