can see that now lotz of ppl are "stuck" with credit card... i think the best way is bank negara should take some action like each person should allow to apply one visa and one master card no matter form which bank... then only can reduce the "huge" debt amount....

May be it is the responsibility of the cc users to pay off every month.

CC can be two blades of a sword, if you use it properly, it brings you convenience, security and for emergency.

If you do not use it properly, then it become a big debt, overspending and high interest.

Like what we can see in the threads, it is not related to personal income for those who are in debt. It is about their spending and paying habits.

Whether you have high or low salary, without proper financial management, you will fall into the trap.

KUALA LUMPUR (Oct 13, 2010): From 2005 until July this year, the Insolvency Department has handled 83,389 bankruptcy cases, Deputy Minister in the Prime Minister’s Department Datuk Liew Vui Keong said.

Of this, 1,046 or 1.25% were those below 25 years old, he said in reply to Datuk Aaron Ago Dagang (BN-Kanowit) who asked for the number of youths declared bankrupt in the past five years and the contributing factor.

"Among the causes identified were failure to settle vehicle hire-purchase loan (487 cases), personal loan (354), business loan (77), housing loan (49), credit card loan (1), (standing as) corporate guarantor (18), (standing as) social guarantor (52), income tax (6) and scholarship or study loan (2)," he said.

Liew said the government has taken several initiatives to tackle this problem and managed to reduce the bankruptcy level among youths this year.

"For the first seven months this year, there were 139 cases involving those below 25 compared to 251 within the same period last year – a 44.6% reduction.