No excuses for bad decisions, says Chong


  • Nation
  • Wednesday, 13 Dec 2017

PETALING JAYA: Bad borrowing decisions cannot be used as an excuse when people fail to fulfil debt obligations in high price purchases, which can lead them to be declared bankrupt, says MCA Public Services and Complaints Department head Datuk Seri Michael Chong.

Chong said that in many cases, those with huge debts would come up with excuses for their bad borrowing decisions which eventually lead to financial problems.

“You cannot claim to be ignorant as it is not an excuse. They need to manage their borrowing decisions,” he said.

He said most of the cases involved youths, and this year alone, more than 30 bankruptcy cases were still pending in court.

“This is worrying as it involves young people who cannot service their debts. Most are involved as guarantor for car purchases while some are living beyond their means.

“They usually go overboard thinking they can service a loan by applying for another loan.

“It does not make sense. They need to manage their finances properly,” he said.

In many cases, it involves the victim becoming a guarantor for a family member or friend.

“They sometimes volunteer to become guarantor for their families, buying cars. But when the other party disappears, the authorities will go after them,” he said.

“It will affect relationships and even break up families.”

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Government , bankrupt before 30

   

Next In Nation

Stay united and prioritise the nation, says Nga
Appointment of Ahmad Zahid as DPM a betrayal of Pakatan voters, says Bersatu leader
Khairy congratulates newly-appointed successor, hopes she will uphold excellent public health system
I am honoured to be part of unity govt under Anwar, says Ewon on new ministerial appt
Cuepacs, MEF say Cabinet line-up possesses credibility, ability to work hard
Improve laws and women’s rights, says group
Sabah housewife loses over RM500,000 in love scam
Being appointed DPM a recognition for GPS, Borneo bloc, says Fadillah
Khaled helms Higher Education Ministry for a second time
Anwar hopes to restore economic confidence through new approaches in Finance Ministry

Others Also Read