1,022 CREDIT CARD HOLDERS INSOLVENT

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