Additionally, the BOT requires credit card companies to offer further benefits to debtors, such as interest rate reductions, to minimise the risk of debt becoming non-performing.
The BOT also has other measures to assist debtors who cannot meet the 8% minimum payment, including those who have already become non-performing.
These measures include debt restructuring before and after it becomes non-performing at least once, under the Responsible Lending guidelines, as well as the Debt Clinic and “Clear Debt, Move Forward” programs.
The BOT will continue to monitor the effectiveness and side effects of these measures and will adjust them as necessary based on the situation.