Kids take for granted that "money come from ATM", while 5 million people throng our 300+ shopping malls every WEEKEND and 41 people were declared bankrupt DAILY..... yet the banks declared more profits every QUARTERS!
There are about 3.2 million principal credit cardholders in the country with outstanding credit card debt at RM30.8bil as at the end of 2010, compared with RM26.7bil in 2009 and RM23bil in 2008.
The new method was part of the revised credit card guidelines issued by the central bank on March 18 this year.
Other measures that have taken effect include:
> A restriction on the minimum annual income requirement for credit card eligibility set at RM24,000 (from RM18,000 previously);
> Cardholders earning RM36,000 or less a year allowed to hold credit cards from only two issuers; and
> The maximum credit limit for those earning less than RM36,000 per year capped at double the monthly income of the cardholder from each issuing bank.
Source: http://thestar.com.my/news/story.asp?file=/2011/9/30/nation/9602326&sec=nationBank Negara's figures in March showed that personal loans made up 15% of the overall household debt but housing loans make up the largest portion at 45%, followed by car financing at 20%, credit cards (5%) and purchase of securities (5%).
The Star recently reported that about 147,000 people who were facing personal debt problems had enrolled in financial distress and management programmes sponsored by Bank Negara's Credit Counselling And Debt Management Agency since 2006.
Source: http://thestar.com.my/news/story.asp?file=/2011/9/30/nation/9603943&sec=nationWhat are your position?