MAS To Phase In Tighter Limit On Credit Card Debt And Unsecured Credit Facilities

The Monetary Authority of Singapore (MAS) will phase in a tighter limit on credit card debt and other unsecured credit facilities over four years so as to give affected borrowers more time to cut their debt.

MAS said the decision to give over-extended borrowers more time to adjust to the new measures comes after consultations with the Association of Banks in Singapore (ABS) and Credit Counselling Singapore (CCS), and feedback from the public.

Here’s what you need to know about the new measures.