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CITIBANK has launched a programme to educate Singaporeans on how to manage credit in these troubled economic times.
Credit card debt here has been rising steadily since 2007, with rollovers increasing from about $3 billion in January 2008 to some $3.48 billion in January 2009.
This increase has not been matched by a commensurate increase in total card billings - pointing to an increase in the number of people letting credit card debt pile up.
Charge-off rates have remained constant throughout the years, showing that most people can still service their debt - but not everyone.
Credit Counselling Services (CCS), Citibank's partner in the education programme, had 625 people walk through its doors from January to June this year to seek help with credit - more than double the number in the same time period in 2008.
CCS is a non-profit organisation supported by the Subordinate Courts and The Association of Banks, among others. Its president Kuo How Nam says that there is a need for greater credit awareness. The 'Use Credit Wisely' programme that Citibank has launched with CCS will help meet this need.
A series of 12 free talks from this month until November will give tips on responsible credit management, as well as other financial advice. About 200 people turned up for the first talk on July 18 at Woodlands Regional Library Auditorium.
CSS hopes to reach out to 2,500 Singaporeans through the talks.
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