MAS targets household debt with new credit rules
The Monetary Authority of Singapore (MAS) yesterday announced new rules designed to prevent household debt from spiralling out of control and to make the lending process more transparent.
The headline measure will see the total amount of money an individual can borrow through their credit cards and unsecured credit lines capped at the value of 12 months' income.
Borrowers will be given 18 months to reduce their existing loans to within the limit. There will also be a buffer, whereby borrowers
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