We have total of 3.2 million credit card holders nationwide last year. Did you know how many of them were failed to pay credit card debts and caused them bankrupt in 2009? Make a guess?
On average, the percentage of credit card holders declared bankrupt was only 0.04% out of the total number of principal credit card holders in the last five years, Deputy Finance Minister Datuk Donald Lim said.” Source: theSun
Surprisingly, there were only total of 405 credit card holders. I feel the figure is relatively small compare to my expectation in mind.
So far, the Department of Insolvency Malaysia (MDL) had restructured 80,348 bankruptcy cases from 2005 to May 2010 categorized as following:
- 31,950 cases – Malay
- 26,805 cases – Chinese
- 7,661 cases – Indians
- 13,932 cases – Others
Here are some of the cases involved in different type of loans that caused the bankruptcy:
- 19,380 cases for failing to settle hire purchase loans
- 9,464 cases for failing to settle personal loans
- 8,786 cases for failing to settle business loans
- 6,022 cases for failing to settle housing loans
- 4,417 cases for failing to settle credit card debts
- 4,291 cases for failing to settle corporate loans
- 3,726 stood as guarantors
Bear in mind, the collective number of bankruptcy cases have reached 218,561 nationwide as of June 2010. So, does the bankruptcy statistics help us in analyze property market trend in the country? Well, we will monitor and study about it.
For more information, please visit MDL official website