One step away from loan sharks, cash-strapped Malaysians rack up credit card debts


Nabihah Hamid

Malaysians struggling with the rising costs of living are racking up credit card debts, which they see as the lesser evil as compared to getting indebted to loan sharks. – EPA pic, August 28, 2017

UNABLE to cover their families’ basic needs with their monthly wages, an increasing number of Malaysians are instead racking up credit card debts as their final lifeline before resorting to borrowing money from loan sharks and money lenders.

The Ministry of Finance recently reported that out of a total of 3.6 million Malaysians holding credit cards as of last June, a total of RM2.7 billion had been chalked up as overdue payments.


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