Are many Singaporeans living off credit cards?
I do not have the exact figures, but I have been approached by many people who are not able to manage their credit card debts.
It is easy to get into debt from:
a) medical bills
d) over-spending on luxury goods or entertainment
It is also easy to charge to the card. Then the interest rolls up. And the problem becomes more difficult each month.
Some people borrow from a new card to repay off the old card. The problem gets bigger. Besides the high rate of interest, they have to pay late payment charges ($50 each time) and legal fees (when the lawyer writes a letter of demand for the bank).
For people who get into trouble, they can consult Credit Counselling Singapore, http://www.ccs.org.sg/
This is set up by the Government. Their people are specially trained and well connected with the banks. They can help you.