SINGAPORE TOPS THE CHARTS

In 2012, in a survey conducted by Hsbc(hongkong and Shanghai Banking Corporation), it was discovered that Singaporean cardholders owned the most number of credit cards across the region. Each individual owned an average of 3.3 cards. Moreover, Singaporeans were also the second highest spenders in the region, with an average credit card expense of about $1,273 per month.

Living on credit is becoming increasingly common and a part of the Singaporean lifestyle. From telephone bills to consumer purchases, Singaporeans are charging it to the card. The materialistic psyche of Singaporean has led to dangerous levels of retail therapy.