FSC coordinates with banks to extend personal debt workout mechanism through end-June 2021
To mitigate the economic impact of COVID-19 on individuals, the FSC had asked banks earlier during the pandemic to provide deferral or rescheduling of payments for 3 to 6 months for people having repayment difficulties due to the pandemic. These relief measures applied to home loans, auto loans, unsecured consumer loans, and credit card debts. As of the closing date of the application period, 31 December 2020, the pandemic was still affecting many people’s debt repayment ability, so the FSC coordinated with banks again to extend the debt workout mechanism for credit card debts and other personal loans until end-June 2021.
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- Update： 2021-02-09