MORE than 90,000 Malaysians have been declared bankrupt since 2013 with almost 97% of them failing to repay installments to financial institutions.
From 2013 until August this year, the Insolvency Department recorded a total of 94,408 people who were declared bankrupt, The Star Online reported.
“About 91,180 were declared bankrupt as they failed to repay instalments for financial products, including vehicle hire purchase loans, personal financing, housing loans, business loans, credit cards, social guarantors and corporate guarantors.
People failing to repay hire purchase loans ranked the highest at 27.57% or 25,137 people, said Minister in the Prime Ministers Department Azalina Othman Said in a written reply to Che Mohamad Zul…
Read the full article at: http://www.themalaysianinsight.com/s/21068/
