The Malay Mail reported about new bankrupts and old bankrupts on 5/6/05. 'Surprising the new generation of bankrupts aged 20-30 years faced financial ruin all because of credit cards' says Chan Wai Kong of MM. 'The credit card is hardly a tool for convenient payment; it has become a loan facility' Chan continued. The NST reported that in the end of March there were 6.88 million credit cards spending RM8.83 billion on credit! The debts outstanding at the end of March peaked at RM518.7 million jumped by 40.5% from February 05 outstanding balances.
Last year advances of RM2.63 billion on credit cards and coughed out RM131 million in cash advance fees.
Looked at the bankruptcies statistics. In 2002 some 1,117 bankrupts. In 2003 1,152 bankrupts. In 2004 1,397 bankrupts.
Let Chan speaks '..the new bankrupts didnt endure sleepless nights that desperate feeling of going bust, of facing a winding up or their companies going into liquidation. At a rather young age, they are already declared by law to be unable to pay their debts. Their financial credibility is all gone. Forget about their debts to society and roles in nation building'
'So we see as the nation progresses, we forget about the side roads of doom. This is the place where to find borrowed richness to kill the boredom or show off their wealth. Nothing about tomorrow. Maybe the young people could be right....they could have sense the progress of the black shadow looming in the sky...and the older people thought they could have ruined their lives in this materialistic world' says Lanai
As Vasanthi R put in nicely '...it is about how morally bankrupt the world has become..'
The tsunami of 26/12/04 in Indonesia could be a real warning of what would become of the world. The black shadow hovers over in the sky waiting for her time to strike again
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