The credit card rollover balance crossed the $7 billion mark, rising to $7.25 billion in the fourth quarter of 2023.
At the same time, bad credit card debts rose nearly 20 per cent to $89.4 million, a level not seen since 2021.The MAS credit card data is in line with household balance sheet data from the Department of Statistics which was released on May 28. Motor vehicle loans grew 1 per cent to $9.9 billion, marking the first increase since the third quarter of 2021.
Its general manager, Ms Tan Huey Min, told The Straits Times that she has seen an uptick in the number of borrowers who came forward to seek credit counselling support. In 2023, the average debt size of the individuals who sought CCS’ help was about $95,409, while the median debt size was $51,609. If it exceeds the 12 times limit for three consecutive months, MAS regulations state that financial institutions cannot grant him additional unsecured credit facilities.