Singapore consumers managing debt better
More Singapore borrowers are getting a clean bill of health for their credit, according to new data released by the Credit Bureau Singapore (CBS) on Monday.
The figures showed that the average credit score of consumers nationwide rose from 1,897 in March last year to 1,904 in March this year.
CBS scores range from 1,000 to 2,000. The higher the score, the lower the chance of a borrower falling into default.
Debt delinquency rates have also dipped from 6.5 per cent in March last year to 6.4 per cent this year, even though consumers are borrowing more across most categories of consumer loans, like mortgages and credit card loans.