Credit card bill size

Today’s Straits Times carried a report on “Singaporeans splash more on their plastic”. What caught my attention was the size of monthly credit card spending since 2002 to 2012. This information was compiled by the Credit Bureau of Singapore. The average monthly balance per consumer had been moving up steadily, from $3,275 in 2002 to $4,930 in 2012 (based on Jan to April 2012 data).

I then checked all my credit card spending since 2008 till now. The overall monthly average comes to $980 per month.  This is way below the monthly average spending by Singaporeans. And I thought mine was too much already.

My stand on usage of credit cards is for convenience and less on credit the cards can offer. I paid all balances in full so as not to attract interest charges.

Copyright © 2012, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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