A 30-year-old Malaysian man is facing RM90,000 in debt after misusing six credit cards. Despite earning RM4,000 monthly, he financed all expenses, including a car purchase, with credit. His reliance on credit cards spiralled into an addiction, using new cards for balance transfers as debts mounted.
The realisation of his dire financial state led him to cancel all cards and begin debt consolidation. His experience serves as a cautionary tale about the dangers of credit card dependency and the importance of responsible financial management.
How many Malaysians are facing credit card debts?
In 2022, an average of 9.1% of Malaysians were reported to be 90 days past due on repayment of their credit lines, which includes credit card debts. Additionally, 47% of Malaysian youths have high credit card debts.
These statistics indicate a significant portion of the population is facing challenges with credit card debt.
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