Plastic Debts Top the List

These fire-fighting measures are rarely helpful, if not a total waste of time.

Credit card holders made up half of the 3,000 individuals who have enrolled into Bank Negara’s debt management programme to resolve their financial woes.

The central bank Counselling and Debt Management Agency’s chief executive officer Mohamed Akwal Sultan said they included professionals and other members of a cross section of the society.

“Out of the 3,000, about 20% of them could not be helped because they did not have a net disposal income,” he told reporters after the launch of the the agency’s Sarawak branch office at Bank Negara Malaysia building, Jalan Satok here on Tuesday.

Time should be invested in coming up with strict policy on approving credit card applicants, and the biggest culprit in the whole debt problem is none other than the banks themselves.

Yeah, some of you might be right to say that the credit card facilities in itself is a good tool if it’s not abused, but that’s not the point here. The point is many young people are in serious debts, if not bankrupt, because of these irresponsible act by these “desire-card” suppliers.

I do not believe that these debt management agency is going to solve the problem if they are just going to play the fireman’s role. Even if you solved the problem, you still get ashes.

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