Close To 50 Per Cent Of Malaysian Youths Are Saddled With High Credit Card Debt

This does not sound good, dear fellow peers.

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Close To 50 Per Cent Of Malaysian Youths Are Saddled With High Credit Card Debt
Image: Business Insider
Adulting is something we look forward to as a kid, but now that we’ve reached this phase, we wished we stayed as kids forever.

Among the things we have to do as an adult is to take care of our finances and some of us have opt for credit cards or even personal loans.

But a recent finding suggests a worrying financial trend among youths in Malaysia.

According to the New Straits Times, Bank Negara Malaysia (BNM) has revealed that 47 per cent of Malaysian youths have high credit card debts.

On top of that, 38 per cent have applied for personal loans at such a young age.

Some people say if you can't afford to pay, don't get a credit card.
Yikes, that's a pretty alarming rate. We wonder, what did you guys buy with your credit cards that amounted to that huge bill?

Bank Negara Malaysia (BNM) Assistant Governor Nazrul Hisyam Mohd Noh said that 3,400 Malaysians between the age of 20 to 30 years old have received counselling and help from the Debt Management and Counselling Agency (AKPK) in 2017.

“I challenge all of you to break the myth that the young generation are not financially savvy and do not contribute to these statistics,” Nazrul said.

So, are you one of those 47 per cent Malaysians? If you are burdened with high debts and need some financial counselling, feel free to contact AKPK at 03-26167766 or visit the nearest counselling office listed here.

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