Credit card delinquency amount dropped to $241m in September

Receivables rose slightly to $107m7b.

Total credit-card receivables rose 0.9% to $107.7 billion in the third quarter this year, after increasing by 3.2% in the previous quarter, the Monetary Authority announced.

The total number of credit card accounts increased by 1% to 16.6 million.

The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell by 1.2% during the quarter.

The charge-off amount rose from $540 million in the second quarter to $561 million in the third quarter.

The amount of rescheduled receivables transferred outside the surveyed institutions' credit card portfolios decreased to $151 million from $155 million in the previous quarter.

The delinquent amount fell to $241 million at the end of September from $265 million at the end of June. The delinquency ratio decreased slightly to 0.22%. The combined delinquent and rescheduled ratio, after taking into account the transfer of rescheduled receivables, edged down to 0.29%.