Singapore’s financial regulator is proposing new rules for unsecured consumer loans to stem credit card delinquencies and protect clients from borrowing more than they can afford.
Under the Monetary Authority of Singapore’s proposals, credit card and other unsecured debt holders with loans 60 days past due or carrying a balance exceeding two months of income for half a year would be barred from borrowing without collateral, the banking and capital markets regulator said in a consultation paper today. Full story
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Singapore central bank to rein in credit card borrowing - The Malaysian Insider
