5 things you should know about MAS new rules on credit cards, unsecured credit

These are also requirements for FIs.

According to CIMB, MAS’s refined new rules on credit cards and unsecured credit are clearly designed to rein in debt in certain segments.

Together with the recent mortgage debt servicing limits and car financing rules, they indicate MAS’s concerns of overleveraging in some households.

Here's more from CIMB:

They include requiring FIs to: 1) review a borrower’s total debt and credit limits before granting a new credit card or unsecured credit facility; 2) disclose the cost of rollover debt to individuals who roll over credit card debt; 3) get a borrower’s consent before any credit limit increase; 4) not grant further credit to individuals whose debts are 60 days past due; and 5) not grant further credit when cumulative unsecured debt across FIs exceeds 12 months of income.

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