Almost 50% Monthly Income Spent On Debt | Ramblings of an e-trader

Sunday, 18 March 2012

Almost 50% Monthly Income Spent On Debt

It has been revealed that most Malaysians use almost 50% of their income to pay off their debt. For civil servants, more than 60% of their income is spent on debt, particularly the younger group of people in the workforce.

While "debt" may not necessarily be bad debt, it is still worrying as 50% - 60% is certainly a high level. This sounds like this group of people do not have any savings - no chance to save, more like. With the newly announced increment of salaries for civil servants from 7% - 13%, this situation would, of course, improve.

Still, getting into bad debt, is a bad thing and we must learn to manage our finances better.

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