I guess the statistics are not surprising, since it’s so easy to sign yourself up with the readily-available plastic-debt companies. There’s no proper regulations when it comes to approving the credibility of to-be-plastic-owners and also, Malaysian just don’t seem to be taking bankruptcy very seriously.

Cash is still KING!

Bankruptcy cases due to credit card debts rose from 1,152 in 2003 to 1,497 last year and this has got the Domestic Trade and Consumer Affairs Ministry worried.

Its Consumer Affairs Division director Ismail Jantan said youths who did not know how to save and who spent on luxury items were some of the causes of the bad debts.

Some 8.4 million credit card holders owed financial institutions and corporate firms some RM167mil to date, he said at the launch of a smart consumer roadshow at the KB Mall here.

With the rising cost of living due to the increase in fuel prices and inflation, Ismail said consumers needed to know how to become smart spenders.

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