5% Credit Card Bankrupt | Ramblings of an e-trader

Wednesday, 1 August 2012

5% Credit Card Bankrupt

I just read a report this morning that there were 116,379 bankruptcy cases in Malaysia between 2005 and April 2012. Out of these cases, 5% were bankrupt because of credit card debts. 

Bankruptcy because of credit cards is getting more and more common and it is quite shocking to see that these 'victims' are getting younger and younger. 

Many have the habit of just paying the minimum amount every month, without realising the snowball effect finance charges would have. Use your credit card with care and be responsible in making repayments promptly.


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