Credit card trap

Less than a month ago, US President Barack Obama signed sweeping credit card reforms into law to shield American credit card holders from predatory fees, among others. With mounting credit card debts and a tough climate, could now be a good time for Malaysia to consider similar reforms?

SITE supervisor Joe Manikam, 31, was retrenched from a multinational company last year. To make ends meet, he used his credit card to manage certain expenses while scouring the job market. He struggled for 10 months and ended up doing odd jobs. He now spends sleepless nights worrying about how to settle his credit card debt which has burgeoned to unmanageable levels while he struggles to settle the minimum charges.