According to Mr Kuo How Nam, President of Credit Counselling Singapore, the percentage of credit card holders unable to pay to in full has remained largely stable over the past five years.
Personally, that to me, is a large percentage. 1 in 3!
Another alarming stat, reported by Straits Time a week ago, was that around 3% of credit card holders - that is about 47,000 people, have debts exceeding a year's salary.
You can occasionally spend more to reward yourself, but it not the same as overspending.
If you paying the minimum on your credit card bills or you are borrowing from one bank to pay another, you should know you are in trouble and please do seek help fast.
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