SINGAPORE: From January next year, borrowing rules will be tightened for those heavily in debt, the Monetary Authority of Singapore (MAS) announced on Friday (Dec 15).
A borrower with outstanding unsecured debts exceeding six times his monthly income will not be able to tap on new unsecured credit lines. This means he cannot get an increase in his existing credit limit or obtain new unsecured credit that will cause his total credit limit to exceed 12 times of his monthly income.
Unsecured credit involves loans that are not backed by collateral, like debts arising from the use of credit cards for instance.
Secured or exempted loans, such as loans for business, education or medical purposes and mortgages, will not be affec…
Read the full article at: https://www.channelnewsasia.com/news/singapore/borrowing-rules-unsecured-credit-debt-mas-9500890
