Thursday, September 22, 2011

41 bankrupted daily

Last night I wrote about "Credit Card Debt"

Co-incidentally, this morning I read in the Star this article

This line is rather shocking. "41 are declared bankrupt every day, mostly due to credit card debts"

I believe the problem is bigger than our government and Bank Negara would like us to believe. The last time I read a statement from Bank Negara about credit card debts, it was something like "under control" or similar words. In other words, nothing to worry about. Really.


Anonymous said...

Well! Jimmy, as commented by our honorable DPM cum Finance Minister the measure of controlling credit cards won't help much as the reason is that our youngs have no knowledge in financial management and they just spent much more than they earned.
Just could not understand his statement anyhow, probably he meant that this is an educational issue.

Jimmy Liew said...

Obviously he is not a chess player. can you spot the missing logic in that statement? reminds me of a certain RS :)

If they dont have a CC then how can they over-spend? The problem is easy credit cards being made available to everyone, even those that might not be able to repay. Banks are at fault plus our Bank Negara and Finance Ministry (for not regulating the banks more carefully)

Anonymous said...

Must be the bank's way to keep AD up. I do wonder why they don't think it's one of the most retarded ways to choose from though.

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