Odd of default....

I'm not an economist and hoping someone can tell me what is going on?
Stumble on this report here.

Car loan takers top bankruptcy list

How serious?

Jabatan Insolvensi Malaysia 2010 reports insolvency due to:

- 24.12% car loan
- 11.78% housing loan
- 5.5% credit card loan

Talking about car loan, yes it is a necessity now days due to bad transportation linkages, but if you can only afford a small car why buy a higher end car?

Read more here about this report.