MAS tightens credit card and unsecured credit rules – Channel NewsAsia

SINGAPORE: The Monetary Authority of Singapore (MAS) has finalised changes to credit card and unsecured credit rules aimed at improving lending practices by financial institutions and enabling individuals to make better borrowing decisions.

The policy changes follow a public consultation in which respondents generally supported the proposals, said MAS in a statement on Wednesday.

According to the key policy changes, financial institutions will be required to review a borrower’s total debt and credit limit before granting a new credit card or unsecured credit facility, or increasing the credit limit on such facilities.

This would enable a more realistic assessment of an individual’s borrowing capacity.

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