MAS proposes rules to encourage responsible use of credit cards, unsecured …
News from TODAYonline:

SINGAPORE – The Monetary Authority of Singapore (MAS) has proposed changes to credit cards and unsecured credit rules.

The changes, laid out in a consultation paper released today, are aimed at improving financial institutions’ lending and disclosure practices, empowering individuals to make better borrowing decisions, and helping individuals who are at risk of credit problems avoid getting into greater debt.

Among the proposed changes, financial institutions will be required to review the oustanding debt and credit limits for all loans taken by a borrower across different financial institutions before granting a borrower a new credit card, unsecured credit facility or an increase in credit limit.

To make the “cost of borrowing more apparent”, financial institutions will have to disclose clearly to individuals who roll over the debt on their credit cards and revolving credit facilities the potential cost and extent of the debt they will accumulate.

These institutions will not be allowed to make unsolicited offers to customers to increase their credit limits, and have to “expressly” obtain the borrower’s consent for the amount of each credit limit increase.

Individuals whose debts with a financial institution are more than 60 days overdue will not be allowed to charge further amounts to their credit cards, charge cards and u…………… continues on TODAYonline

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Related News:

Kingsport woman charged with use of stolen credit card
News from Johnson City Press (subscription):

A Kingsport woman was charged by Johnson City police with fraud, theft and other offenses Wednesday, according to a news release.

Police charged Jamie Faye Hicks, 400 Cannon St., Kingsport, with fraudulent use of a credit card, identity theft and forgery.

Police were investigating the use of a stolen credit card at Tri City Wholesale Tobacco in Johnson City. Hicks was identified through surveillance video of the transaction.

She was being held in the Washington County Detention Center on $ 12,000 bond.

Her hearing was scheduled for Thursday in Sessions Court.

…………… continues on Johnson City Press (subscription)
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