Banks should exercise responsible advertising

Expanding on Mr Vincent Ong Kok Lam's concerns about local banks' credit card approval practices ("Review minimum salary requirement for credit cards"; Oct 27), I am equally disturbed by brochures which I regularly receive with my credit card statements.

Recently, one pamphlet advertised a loan option that suggested enabling a borrower to enjoy a vacation.

Eligibility criteria included having an annual income of $20,000 or more.

One plan even allowed up to four times an applicant's monthly income, and an implication that the application would be approved within a day.

Even though I pay my bills in full every month, banks always mail me instalment payment application forms, the majority of which already have my personal details filled in.

I find such tactics aggressive, misleading and unwelcome.

Are banks really encouraging loans (with interest) for the purpose of travelling?

What is the Monetary Authority of Singapore's take on such advertising strategies?

Oh Jen Jen (Dr)