Wall Street protest

Thousands turn up for a peaceful street protest. Police turn up in full force. Eventually the police starts arresting random protestors. Other protestors try unsuccessfully to grab onto their colleagues from being dragged away. They lock arms and chant slogans "let them go, let them go" and "the people united, will never be defeated".

Another street protest in Malaysia? Nope, this happened and is still happening in America, "land of the free".  I was surprised to learn that the protest had been going on since September 17th. Surprised because I have hardly read about it in our main stream media. I found it out when browsing on the WWW.

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.

Credit card debt

Credit card debt is rising this country and it is likely to keep growing. Banks are making it too easy to own a card and many own more than one.

I urge you to watch this video. It is a ten part video but worth your while to watch them all. It explains what is credit card debt and how you can get caught in a spiralling problem which you may find impossible to get out off.

Even though this video made in US and apparently addresses a an American credit card problem, it is relevant to everyone everywhere. Many of the points brought up are also relevant to us in Malaysia. Not a month goes by without at least one bank calling me to offer me either a balance transfer, credit card upgrade on the limit, or - get this - a loan up to my credit card limit.

I understood that the bank is trying to get me into debt. And it frightens me  how the bank can give me a totally unsecured loan. What happens when I am unable to pay the installments on the loan?

It will be very easy especially for the younger working generation when faced with some temptation to accept a loan of say RM10,000. What will they do with it? Likely buy the latest iPad2 or new handphone, splurge on designer clothes and what not. Would they understand that they are spending money they do not have to buy a luxury item which they probably do not need? What do you  think?