Yesterday in Star newspaper Second Finance Minister Tan Sri Nor Mohamed Yakcob announce that more than 6,000 credit card holders have been declared bankrupt in the past four years. The industry facing about RM2.5bil in bad debts! He also informed that up to February this year, there was a total of RM23.3bil in credit card debts of which RM20.8bil was the current debt.
Tips from me as a card holder's:
- Please pay more than minimum amount on time, if not your debt will be increase and you are unable to control it for the following month.
- Encourage to have only one credit card.
- If you are loyal to the card and was using it for more than 2 years please call up to Customers Service to wave the annual fees.
- Don't influence with credit card seller's even though they have give you a free gift.
- Always check and know your debt before swipe the card.
Manage yourself, manage your debts...... you are free from bankruptcy
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