It was recently announced by the Deputy Finance Minster, Datuk Donald Lim, in Dewan Negara, that a total of 405 credit card holders were declared bankrupt in 2009. There are a total of 3.2 million credit card holders in the country. ONLY. I am surprised the figure is so low.
According to Donald Lim, this figure of 405 bankruptcies due to credit card misuse and mismanagement, sees a decline of 1,656 cases in 2006. On the average, the percentage of credit card holders declared bankrupt was 0.04% out of the told number of principal card holders during the past five years from 2005 to 2009.
Whether this figure is high or low, I do not know but I think that bankruptcies from credit card is certainly something that's avoidable, if only people observe careful management of their finances.
According to Donald Lim, this figure of 405 bankruptcies due to credit card misuse and mismanagement, sees a decline of 1,656 cases in 2006. On the average, the percentage of credit card holders declared bankrupt was 0.04% out of the told number of principal card holders during the past five years from 2005 to 2009.
Whether this figure is high or low, I do not know but I think that bankruptcies from credit card is certainly something that's avoidable, if only people observe careful management of their finances.
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