RM50K Debt From 12 Credit Cards | Ramblings of an e-trader

Sunday, 8 January 2012

RM50K Debt From 12 Credit Cards

Read in the news recently that a man who had 12 credit cards sent to him by banks have raked up to RM50,000 in debt. The jobless man, who had never applied for a credit card before, spent on luxury items and services, including holidays. he gave two of the cards to his mother and sister.

It is a wonder how banks could simply approve the cards and mail them out to customers, even when they have not applied for the cards. They don't qualify for the cards, even if they did apply. It's no wonder Bank Negara says that bankrupts in the country are getting younger and younger!


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