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Courts Asia quick to act to tighten credit approvals in Singapore
Household debt as percentage of GDP reached 75%.
According to Maybank Kim Eng, recent reports showed that household debt as a percentage of GDP has reached 75% in Singapore and 81% in Malaysia.
Here's more from Maybank Kim Eng:
Unsurprisingly, banks have tightened their consumer credit policies. Though Courts’ credit accounts make up just a small proportion of individual household debts, the group has been quick to act, slowing credit approvals since 4QFY3/13.
This has helped mitigate the risk of loan collection, particularly in Malaysia. Margins may thus be affected but the move is better than a spike in default rates.
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