Plastic Will Be Harder to Get

Credit card qualification criteria will be tightened, the Financial Supervisory Service said Sunday, to curb the growing number of household bankruptcies.

The financial regulator said it had ordered credit card issuers to approve new cards only after they have checked to ensure that the applicants have steady income, own property or have arranged a cosigner. The agency plans to begin inspecting the payment card companies next week to make sure that they are enforcing the new rules. It will also check to confirm that the companies are collecting documentation to prove that applicants have adequate income or collateral.

The regulator also plans to prevent younger cardholders from misusing credit cards by lowering their credit limits.