Trapped in Credit Card Debt
Few notes on credit card usage in Malaysia. Your debt can be increased tremendously if you are not well aware of the power of compounding interest that work against your benefits.
a. More than 40% credit card users out of the 8.8 million credit card holders only manage to pay the minimum 5% of their outstanding balance.
b. Credit card defaulters accounted RM 700 mil of the RM 18.6 billion in non performing loans.
c. Any unpaid credit card loan, the annualise percentage rate is 19.7%
d. 7,456 people had enrolled into Debt Management Programme under Credit Counselling and Debt Management Agency (AKPK).
e. 31% from those people got into financial problem because of credit card.
f. 52% faced financial trouble because the combination of hire purchase, housing loan and credit card debts.
You can read the full report from The Star Online : Easy Credit, Easy Spending
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if we know how to use credit card, we know how we can use it wisely right? too bad for who have credit card debt. I know its hard to cover it..