Credit card receivables dipped 7% to $103.4b

Blame it on the drop in festive spending.

According to the Monetary Authority, total credit-card receivables decreased by 7% to $103.4 billion in the first quarter this year, after increasing by 10.4% in the previous quarter.

The decrease was due to the receding effect of festive spending around the end of the year, and the payment of salaries tax using credit cards.

The total number of credit card accounts rose 0.3% to 16.3 million.

The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell by 2.9% during the quarter.

The charge-off amount edged up from $482 million in the fourth quarter to $486 million in the first quarter.