Due to its small and open economy, Singapore is an interest rate taker, in the sense that it cannot change the money supply to influence interest rates. Together with the rising inflation rate globally, mortgage rates in Singapore are expected to increase several times in 2022.
Although BNPL has already become popular, it will potentially continue to grow well in the future as a result of the increased usage of e-commerce platforms, with this trend accelerated by the pandemic. Notable Singapore-based BNPL companies include Hoolah, Rely, Pace and Atome.
The credit aspect of BNPL may attract consumers who want to cover impulse purchases. This could lead to overspending and a rise in debt, especially amongst younger consumers and more impulsive buyers.
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Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.See All of Our Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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