THE Federation of Malaysian Consumers Associations (Fomca) fully supports the Prime Minister’s view on the need to expedite the creation of the Consumer Credit Act to protect consumers and encourage a healthy credit market, “PM: Some living beyond their means” (The Star, July 24). In the current economic situation of stagnating incomes and increasing cost of living, consumers face tremendous financial pressure that may affect their personal, family and work life.
A Bank Negara Malaysia report revealed that 76% of Malaysians would find it difficult to raise RM1,000 in cash in cases of emergency. A study conducted by Universiti Putra Malaysia on the financial problems faced by workers aged between 20 and 40 and their families living in a public housing area in Kuala Lumpur listed the woes as late bill payments (89%), not enough money for medicines (61%), borrowing from family and friends (55%), lack of cash to face emergencies (58%), inability to pay instalments (56%), not enough money to buy basic food items (49%) and borrowing from loan sharks (22%).
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