fbpx
Connect with us

Social Stories

287,411 Malaysians Have Been Declared Bankrupt as of March 2022, Most are Young Working Adults

Published

Collage 10 3
Source: Channel News Asia & Hype

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Times are tough for almost everyone and it seems like things are bound to get tougher for us while the country transitions into its endemicity.

The Malaysian Department of Insolvency (MDI) revealed that as of March this year, a number of 287,411 individuals in the country have been declared bankrupt. While the pandemic may have contributed to the number, a report by Kosmo said that the failure to clear loan debts due to insufficient funds causes bankruptcy among the involved Malaysians.

3956747542

Sadly, most of them are young individuals who are still working. 

Bankruptcy has its eyes on Selangor & KL

An officer from MDI, Zarina Alias told Kosmo that Selangor recorded the highest number of bankruptcy, followed by Kuala Lumpur with a number of 71,659 and 45,630 reported, respectively.

Klang Valley

Based on their statistics, workers from the private sector and businessmen are the group of people with the most bankruptcy reported. They are aged between 35 and 44 years old.

Those aged below 44 are also not “pardoned” from bankruptcy.

 “22.13% of them were also declared bankrupt and they are at high risk for bankruptcy if they don’t have a good prior financial planning”, Zarina added.

Loans, loans & loans

Zarina also said that personal loans, car loans, business loans & others are the major contributing factor to bankruptcy. They attempted to get the cash immediately by getting personal loans for multiple reasons.

“The problems became worse when they failed to handle the money and eventually, they were stuck in high monthly commitment.”

Malaysia Ringgit Rm Currenncy 05 File Photo Data

In the meantime, Zarina shared some tips on avoiding bankruptcy and here’s what you can do.

  • Spend on your NEEDS, not wants.
  • Handle your debts wisely
  • Savings
  • Be careful with any kind of loan

It is also a bonus point to be aware of your financial status from time to time in order to avoid failing to repay your debts.

It is sad and yet scary at the same time to know that a lot of people are suffering financially to the extent of being declared a bankrupt. Before it’s too late, perhaps we should start tracing the flow of our money!

 

Also read: “Sad infographic” – M’sians Disagree That RM2,570 is Enough For An Unmarried Person To Survive in KL

Collage 20

Source: Nakita
Source: Hype


Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

2De38142 A33F 4A18 8C4B 917526027A12 2De38142 A33F 4A18 8C4B 917526027A12
News3 hours ago

JUST IN: Malaysian Man Tested Positive For Monkeypox In Singapore

According to Chanel News Asia, The Ministry of Health in Singapore (MOH) has confirmed that a 45-year-old Malaysian man residing...

Collage Baby Collage Baby
News17 hours ago

Baby Born To Brother & Sister Parents Dies Just Hours After Birth Due To Severe Genetic Defects

The birth of a baby is supposed to be a celebration, but sometimes, tragedy strikes, and the event becomes a...

My Post 2022 07 06T150310.133 My Post 2022 07 06T150310.133
News21 hours ago

M’sian Singer Escapes Death Penalty As Cannabis Distribution Charges Dropped

Nasyid singer and composer, Muhammad Yasin Sulaiman is feeling thankful after the Magistrate’s Court acquitted him of charges on distributing...

Ft Iv Ft Iv
News21 hours ago

Journalists Publicise UMNO Dept Chief Interview After He Denied Him Saying That Najib Should Go To Jail

Recently, in an interview with Asia Times, UMNO Deputy Chief Datuk Seri Mohamad Hasan, more popularly known as ”Tok Mat” had...

0B27Ce14 Ff64 448B 873E 168787Fbd445 0B27Ce14 Ff64 448B 873E 168787Fbd445
News24 hours ago

Excessive Pesticide Residue Found In Mie Sedaap Noodle Cups Shipment To Taiwan

On July 5, it was reported that customs intercepted shipments containing items from Indonesia and Malaysia in Taiwan. This is because the...

Aa033Cba 2B52 4101 83C3 632D7632E872 Aa033Cba 2B52 4101 83C3 632D7632E872
News2 days ago

Flash Flood in Kedah Sweeps 8 Villages, Family Of 3 Washed Away by Floodwaters

On Monday (4th July), a flash flood in Baling, Kedah has entirely wiped out 8 villages, including 3 family members....

My Post 2022 07 04T182304.718 My Post 2022 07 04T182304.718
News3 days ago

M’sian Arrested After Killing Wife & 3mo Son & Fleeing Naked On A Motorcycle

A father was stunned to see his daughter and grandson covered in blood and lifeless after being stabbed in the...

Collage 1 Collage 1
News3 days ago

M’sian Modifies His Nissan Skyline R32 Into A Police Car For Automotive Exhibition, PDRM Investigates

Creativity knows no bounds, but sometimes, we must have certain boundaries while being creative in order to avoid disappointing certain...

Announcement

Latest Videos



TRENDING TODAY