Singaporeans are increasingly reliant on credit cards and, with their economy improving, they are also swiping plastic more frequently than ever.
Monthly billings per card hovered between S$300 to S$400 from the mid-1990s to early-2010s, but have started rising above $S400 in recent years, SingSaver said in a Media OutReach-sent statement on Tuesday.
In May 2018, monthly billings per card amounted to about S$555, after reaching S$514 in April and S$537 in March, it added citing some numbers.
The Monetary Authority of Singapore (MAS) introduced new rules to curb unsecured borrowing in 2013, helping lower total debt among Singapore households.
But, the MAS noted in its November 2017 Financial Stability Review, there are still "a number of borrowers who are increasing their level of indebtedness above 12 times their monthly income".
Singaporeans have a total outstanding debt of about S$70.4 billion on credit cards and personal loans, according to 2017 data from the Department of Statistics Singapore.