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Singapore consumers rolled over S$3.32 billion (US$2.24 billion) in credit card debt in September, up 11.4% from S$2.98 billion in September 2007, according to the Monetary Authority of Singapore. The increase is a sign of a steady Singapore economy, an analyst tells CardLine Global. "Credit card spending in Singapore is healthy due to rising disposable income and a greater proportion of the workforce being gainfully employed over the past few years," Sunil Devmurari, account manager for the Asia-Pacific unit of United Kingdom-based research company Euromonitor International, tells CardLine Global. "A significant proportion of the working population enjoys annual incomes above S$30,000, which is the minimum income eligibility for classic credit cards." Singapore domestic credit information provider DP Information Group also reported its debt collection arm saw a 20% growth in the total sum of debt collected between March and October compared with the same period last year. Devmurari says card issuers have increased use by identifying niche groups and offering them "innovative card products that are aligned with their lifestyles and preferences.
