The number of credit cards that an individual owns declined to an average of four last year, from five in the previous year, according to online personal finance portal MoneySmart.sg. Its annual survey aims to better understand credit card usage and spending habits of local consumers. The online poll conducted in November last year surveyed 839 respondents between the ages of 21 and 39 who hold Singapore credit cards. Mr Vinod Nair, chief executive of MoneySmart. sg, said that less is more to consumers, a mindset that could have come about due to the onset of a soft economy and the Monetary Authority of Singapore's limit on unsecured borrowing. From June 1, unsecured debt cannot exceed 18 times a borrower's monthly pay, from 24 times now. This will undoubtedly impose restrictions on the issuance of new credit cards, as well as prompt credit card owners to cancel under-utilized cards, he said.