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Consumers in Singapore rolled over S$3.3 billion (US$2.18 billion or 1.75 billion euros) of credit card debt in August, up 17.9% from S$2.8 billion in August 2007, according to the Monetary Authority of Singapore. Credit card billings in Singapore increased 16.7% in August 2008, to S$2.1 billion from S$1.8 billion for the same month last year. The amount of bad debt written off increased 8.8%, to S$9.9 million in August from S$9.1 million for the same period last year. The numbers are a sign that more consumers in Singapore are accumulating debt at a faster pace than in previous years, says Kou How Nam, president of Credit Counseling Singapore. About 4.9 million credit cards circulate in Singapore, the authority says.
