PETALING JAYA: Bad borrowing decisions cannot be used as an excuse when people fail to fulfil debt obligations in high price purchases, which can lead them to be declared bankrupt, says MCA Public Services and Complaints Department head Datuk Seri Michael Chong. Chong said that in many cases, those with huge debts would come up with excuses for their bad borrowing decisions which eventually lead to financial problems. They need to manage their borrowing decisions,” he said. He said most of the cases involved youths, and this year alone, more than 30 bankruptcy cases were still pending in court. In many cases, it involves the victim becoming a guarantor for a family member or friend.

Source: The Star December 12, 2017 23:03 UTC