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Credit Card Debts

From 1999 to 2003 was a tough time for Credit Card holders here in Singapore. People were having trouble paying off their credit card bills. Must have been a really difficult time for people facing the cash crunch. Interestingly, 2003 was the year Singapore was hit with the SARS pandemic. Luckily, it started to easing off slowly after 2004. Towards the end of 2008, there was a slight bump probably due the Lehman Brothers crisis in USA.

Source: mas.gov.sg

There are so many different offering of Credit Cards in Singapore. Interest rates varies from 18% to 27.6% per year.

American Express Singapore Airlines KrisFlyer Gold Credit Card, American Express Rewards Card, American Express Platinum Credit Card, American Express Platinum Reserve Credit Card
Platinum Card, American Express Singapore Airlines Solitaire PPS Credit Card, American Express Singapore Airlines PPS Club Platinum Credit Card.

ANZ Personal Card, ANZ Platinum Card, ANZ Signature Priority Banking Card.

Bank Of China Great Wall Card Unionpay Platinum, Bank Of China Great Wall Card Visa / Mastercard Platinum, Bank Of China Healthway Wellness Platinum Card, Bank Of China SCCCI Great Wall Affinity Card Platinum.

CIMB Bank CLASSIC MasterCard, CIMB Bank PLATINUM MasterCard.

Citibank Rewards Card, Citibank Clear Platinum Credit Card, Citibank Premiermiles Card, Citibank Tangs Platinum Visa Card, Citibank Paragon Platinum Mastercard, Citibank M1 Platinum Visa Card, Citibank Dividend Card, Citibank SMRT Platinum Visa Card, Citibank Esso Mobil Privilege Card.

Diners Club Courts Cobrand Card, Diners Club Délifrance Cobrand Card, Diners Club High Flyers Club Credit Card, Diners Club HomeTeamNS Affinity Credit Card, Diners Club International Credit Card, Diners Club Jack's place Cobrand Card, Diners Club Nature's Farm, Diners Club Raffles Marina Nautique Card, Diners Club Secret recipe Cobrand Card, Diners Club Long Beach Cobrand Card, Diners Club Sheng Siong Cobrand Card.

DBS MasterCard Classic Credit Card, DBS MasterCard Platinum Card, DBS Classic Visa Credit Card, DBS Altitude American Express Card, DBS Black American Express Card, DBS Business Advance Card, DBS Business Platinum Card, DBS CapitaCard Visa Platinum Card, DBS Esso Platinum Card, DBS Live Fresh Visa payWave Platinum Card, POSB Everyday Card.

Maybank Platinum Visa, Maybank Premier Platinum MasterCard, Maybank eVibes Card,Maybank DUO Platinum MasterCard, eCard Platinum, Maybank Catholic High Alumni Platinum Associates Card, Maybank Family & Friends Platinum MasterCard Credit Card, Maybank Horizon Platinum Visa Card.

OCBC PLATINUM MASTERCARD, OCBC ROBINSONS VISA PLATINUM CARD, OCBC IKEA friends VISA CARD, OCBC Business card, OCBC Arts Platinum Mastercard, BEST-OCBC PLATINUM MASTERCARD.

UOB Preferred Platinum Card, UOB Preferred World MasterCard, UOB JCB Platinum Card, UOB Lady's Platinum Card, UOB Metro-UOB Platinum Card, UOB PRVI American Express Card.

Plus many many more...

Here is how Singaporean and Singapore Resident spend their hard earned money. There are two obvious peak - June and December. June is the month long mid year school holiday where most would be holidaying. And December is the typical Christmas shopping season.

Disclaimer: The average amount by an individual charged to their credit card was S$675 for the month of December 2011. Calculation was based on the total credit card billing for the month divided by the entire population of Singapore. So the value is probably an underestimate, as infants and elderly don't often use much of their credit cards, even if they do own one of them.