According to the latest press release by Credit Bureau Singapore (CBS) today (Oct 5), the number of consumers who skipped unsecured debt payments for two or more months jumped 10% to 85,352 in the first six months of 2015, as compared to the same period in 2014.
Unsecured debt are credit borrowed from credit cards, overdraft facility or personal loans charging as high as 24% per annum in interests. The total debt is now S$288,445,498 – a 74% jump compared to 2011. The average debt per consumer also risen 16% to S$7,971.
Just last year in February 2014, Singapore’s bankruptcy cases jumped to a 4 year high to 1,991. The figure for 2015 is unannounced.