KUALA LUMPUR: The number of young people in Malaysia declared bankrupt due to credit card usage is still relatively low. Deputy Finance Minister Datuk Othman Aziz said from January to September, only nine below the age of 30 were declared bankrupt. “Among the main cause of bankruptcy among the younger generation was due to usage of credit card which exceeds their earning capability. Among measures taken were increasing the minimum annual salary of credit card users from RM18,000 to RM24,000. Besides this, for credit card users with an annual salary of RM36,000 or less, they are only allowed to own two credit cards and have a maximum limit not more than two times of the users monthly salary.

Source: New Strait Times November 13, 2017 08:26 UTC