Unpaid credit card balances in Singapore hit record high in 10 years

Singapore's credit card debt has exceeded SGD9.07 billion (about $7 billion) in 2025's third quarter, a 10-year high that was last seen in 2014.

According to the Singapore Department of Statistics (SingStat), unpaid rollover balances which are carried over to the next month has steadily risen from 5.14 billion SGD in the second quarter of 2021. Any amount on a credit card bill that is not paid in full before the due date is rolled over to the next bill, with interest charged.

Experts attributed the worrying trend to factors like people not spending within their means, consumer culture emphasising prestige items, and easier access to credit like “buy now, pay later” services.

Analysts said this can be a hint of growing financial pressures faced by Singaporeans amid rising prices.

The country’s core inflation rose sharply to 1.2% year-on-year in October, driven by higher prices in services, food and retail. The last time core inflation went past 1% was in December last year, when it reached 1.7%.

Notably, the record level of revolving credit card debt has been recorded against a backdrop of a decline in the number of credit card holders in Singapore, prompting some observers to suggest that average credit card debt per cardholder is on the rise.

According to SingStat, Singapore had around 6.1 million principal credit card holders in the third quarter of this year, the lowest level since the fourth quarter of 2023, after having increased steadily since 2014.

Jean Lee, manager of the Adullam Life Counselling financial advisory centre, attributed the trend to economic pressures combined with growing revolving balances, which have made debt repayment more challenging. As a result, despite the drop in the number of cardholders, average debt levels continue to increase.

Nevertheless, data released in April showed that the ratio of non-performing credit card loans remains stable at below 1%, lower than the average level. This indicated that the majority of borrowers remain capable of servicing their credit card debt. Singapore has also introduced a number of consumer protection measures, including a requirement that individuals earn a minimum annual income of 30,000 SGD to qualify for a credit card.