I think they are going to implement it gradually starting at the RM36000 and below yearly income. I know a guy who has RM4k monthly income with RM50k credit card debt and he has been holding his debt forever. This is a scenario that BNM want to have it gone with but of course it will be most prudent to start with the fresh grad before anyone else. Anyway, I would still consider the max allowable RM12k credit limit as pretty high...but bye bye to 36 months installment lol. It is a good way to start really and definitely safer than just increase the % min payment on credit cards. That would definitely kill a lot of people.

Besides, how many of you spend like crazy after a confirmation of an increase salary from a new job or from a rumored higher than expected bonus and than living on debt for the greater part of the year and thus make no difference even with a pay raise? With tight credit you will feel yourself elevated right out and not to find out later that your pay "raise" was really only to pay for your min payment lol.

I think if I am to blame a bank it is CIMB

This post has been edited by soitsuagain: Mar 19 2011, 10:20 AM

So how can we still apply with a reference card or is it not possible only after the announced budget?

Ok i just applied for one. Still works for now. Hopefully I will get it on Friday fingers crossed.

Citibank. Through branch. The officer told me i will get 15k CL. As forumers say, better be fast before before next month with new budget. Otherwise i doubt you can use reference card as credit limit justification.

Yup, but I doubt they will send all at once. My guess is those who has low activity in their cards and bad payments first.

This post has been edited by soitsuagain: Sep 7 2011, 04:20 PM

What is the difference? It is better to tighten your belt now than to do it later. Don't you think it will be 10x worse when you have to tighten up with debt? The stress will be unbearable.