06 Mar '11, 10pm

Easy credit for all?: I WOULD like to urge the authorities to consider a regulation enabling families to bar fam...

I WOULD like to urge the authorities to consider a regulation enabling families to bar family members from applying for credit cards or unsecured loans. My family has been facing distress because my sister has owed a lot of money to banks and friends. In 2008, she accumulated nearly S$110,000 in debt. The bulk of it was attributed to credit cards and unsecured loans. After we helped pay the debt, we were disappointed that she accumulated another S$15,000 of credit card debt last year. Similar to barring family members from casinos, I hope the Monetary Authority of Singapore (MAS) could introduce such a regulation. If such a measure was in place, our family would have signed up for it. I would also like to seek an explanation as to why banks are offering credit cards to those without an income. Banks are offering credit cards to individuals without an income or who earn les...

Full article: http://www.todayonline.com/Voices/EDC110307-0000167/Easy-...

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