Credit card debt crosses US$6bil, data shows

Small increase: People go about their daily duties in Singapore’s central business district. Analysts are not overly concerned about the present situation as the average consumer balance outstanding remains roughly the same. — Bloomberg

SINGAPORE: The amount of credit card debt not paid by the due date hit a record high late in 2024, but the level of indebtedness is not ringing any alarm bells yet.

Rollover balances, the term used for card amounts owing, came in at S$8.3bil in the final quarter of 2024, up 4.9% on the third quarter’s S$7.9bil, which at that point had been the highest recorded since data became available in 2014.