Number of highly indebted borrowers falls by 40%

Experts say decline shows new borrowing limits implemented from 2015 have worked

Credit card debt is largely under control and credit quality has improved since the Monetary Authority of Singapore started capping borrowing limits in June 2015.
Credit card debt is largely under control and credit quality has improved since the Monetary Authority of Singapore started capping borrowing limits in June 2015.PHOTO: ST FILE

Credit cards may have been swiped at lightning speed as the festive shopping season kicked into high gear, but more people are able to keep up with their payments.

Credit card debt is largely under control and credit quality has improved since the Monetary Authority of Singapore (MAS) started capping borrowing limits in June 2015.

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A version of this article appeared in the print edition of The Sunday Times on December 29, 2019, with the headline 'Number of highly indebted borrowers falls by 40%'. Subscribe