ONLY 1,022 out of 3.6 million credit card holders have been declared bankrupt for failing to settle debts from January to June this year, says Deputy Finance Minister Datuk Othman Aziz.
A majority of them were aged 45 and above, and only 10 of them were between 21 and 30 years old, he added.
To help the people manage their finances properly, he said the ministry had set up the Credit Counselling and Debt Manage-ment Agency and Pengurusan Wang Ringgit Anda (Power!) programme.
To stem the problem of credit card bankruptcies, Bank Negara has introduced several conditions for the issuance of credit cards to ensure only those eligible were given credit card facilities.
Minimum income eligibility for credit card holders has been raised fro…
Read the full article at: http://www.thestar.com.my/news/nation/2016/11/25/only-fraction-of-credit-card-holders-declared-bankrupt/