SINGAPORE: The number of credit card holders who do not pay their bills in full has increased, based on a snapshot by Credit Bureau Singapore. These "frequent revolvers" pay a portion of their bills and roll over the outstanding balance for at least three consecutive months.
However, Credit Bureau Singapore's Executive Director William Lim, said that there is no cause for alarm. The number of people who don't pay the minimum sum, termed "delinquents", and those who are written off by banks as bad debt, known as "defaults", have dropped.
Credit Counselling Singapore adds that a rolling debt can be a potential problem as frequent revolvers could find themselves in a tight situation should the economy takes a sudden dip, and may even face depression when they are unable to pay off their debts. LINK
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