Friday, 23 November 2012

Credit card debt churning out bankrupt graduates

Many university graduates have been declared bankrupt due to heavy credit card spending and failing to settle their loans early on in their working lives.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said statistics showed that there were a 40% increase of bankrupts every five years and by 2020, the number was expected to reach 120,000.

He said young graduates lost control of their finances through excessive credit card spending and high loan repayments during the early stages of their careers.

“They should be taught to spend wisely and learn to take control of their financial affairs in the early stages of their student life,” he said after opening the Graduates Consumer Movement carnival and presenting Siswa 1Malaysia discount cards at Universiti Malaysia Pahang on Wednesday.


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