1,022 CREDIT CARD HOLDERS INSOLVENT

The Sun (Malaysia) - - NEWS WITHOUT BORDERS -

A TO­TAL of 1,022 credit card holders have been de­clared bank­rupt for fail­ing to set­tle credit card debts from Jan­uary to June this year. Deputy Fi­nance Min­is­ter Datuk Oth­man Aziz said the amount rep­re­sented 0.03% out of the 3.6 mil­lion credit card holders in the coun­try. Hence, he said Bank Ne­gara Malaysia had in­tro­duced sev­eral con­di­tions for the is­suance of credit cards to en­sure only those el­i­gi­ble were given credit card fa­cil­i­ties. “Min­i­mum in­come el­i­gi­bil­ity for credit card holders had been raised from RM18,000 an­nu­ally to RM24,000 since March 17, 2011.” – Ber­nama

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