Tougher rules planned for issue and use of credit cards
News from inSing.com News:

by Irene Lee
inSing.com – 22 December 2012 4:07 PM | Updated 23 December 2012 4:51 PM

Credit card companies will not be able to give unsolicited credit limit increases without cardholders’ consent, under new rules proposed by the Monetary Authority of Singapore (Photo: inSing)

It will not be so easy to increase your credit card limit or even sign on to get extra plastic should proposed changes by the Monetary Authority of Singapore (MAS) come into effect.

The authority is proposing changes to credit card and unsecured credit rules, in an attempt to prevent those at risk of credit problems getting into greater debt, among other reasons.

The changes, which have been released as a consultation paper, will affect both financial institutions and individuals seeking to get loans – whether they be in the form of credit cards, charge cards, or secured loans, it said in a press release.

For one, banks will need to review outstanding debt and credit limits for all loans taken by a borrower across different financial institutions, before they issue a new credit card or uns…………… continues on inSing.com News

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