More Malaysians to be declared bankrupt, says daily
9 January, 2014 Leave a comment
Singapore’s Straits Times reported today that last year, more than 60 people were declared bankrupt daily until September, with the figures up from 53 people a day in 2012.”
………”Credit card debt has gone up. The amount owed to banks for longer than six months to November last year stood at RM426.4 million, compared with RM402 million in the same period in 2012, the daily said.
Credit Counselling and Debt Management Agency (AKPK) chief executive officer Koid Swee Lian said credit card users also “have themselves to blame”.
“In Malaysia, only about half of the credit cardholders pay above the minimum required amount of 5% of total owed to banks each month, whereas in Japan and Korea, it is 89% and 87% respectively,” she said.”
………..”It also highlighted the plight of a 26-year-old salesman who is now struggling to pay off a RM10,000 loan he had taken to foot hospital bills following an accident. He earns RM 2,300 and has no credit cards and he, too, is seeking help from AKPK.
“People like us just don’t earn enough,” he said. “Even insurance is a luxury.”
Presently, tightening your belt may be necessary, under the present circumstances,
But perhaps it may be time to actually seriously think about increasing your income?
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