Instead of promoting fiscal prudence for the lower income group, the govt is now encouraging them to go into debt spending. MAS had announced today that wef 1 Mar, the minimum annual income for credit card will be lowered from $30k to only $20k. This policy change by the PAP govt cannot come at a worst time than now. This is not the time to encourage the people, especially those from the lower income bracket, to get into any sort of credit card debt. Is the PAP govt doing this to boost domestic spending and save the financial institutions and credit card companies at the expense of making more people bankrupts? Isn't the PAP govt concern about rising delinquency in credit card debt as reported just yesterday? As for boosting domestic spending, didn't MM Lee stated clearly that it will not help when responding to the suggestion of giving handouts for citizens to spend. The PAP govt is against giving such handouts, but instead is in favour of citizens go into debt to boost domestic spending. This is simply fucking outrageous! 
http://www.businesstimes.com.sg/sub/latest/story/0,4574,320821,00.html?
Minimum income for unsecured credit facilities cut to S$20K/yr: MAS
By SIOW LI SEN
Financial institutions (FI) from March 1 can offer unsecured credit facilities to individuals with a lower annual minimum income of $20,000 from the current $30,000, the Monetary Authority of Singapore (MAS) said on Wednesday.
.
http://www.businesstimes.com.sg/sub/latest/story/0,4574,320821,00.html?
Minimum income for unsecured credit facilities cut to S$20K/yr: MAS
By SIOW LI SEN
Financial institutions (FI) from March 1 can offer unsecured credit facilities to individuals with a lower annual minimum income of $20,000 from the current $30,000, the Monetary Authority of Singapore (MAS) said on Wednesday.
.
