The Central Bank of Malaysia or Bank Negara Malaysia as it is popularly known here have placed a new restriction of RM24,000.00 for those who wanted to apply for a credit card.
This new guideline came in the wake of calls to stop commercial banks in the country from issuing Credit Cards to those who has just entered the job market.
The Central Bank has received calls from many Non-Governmental Organisations across the country to place restrictions on individual Malaysians who applied for the cards.
Credit Cards are very popular among the young as it proved to those around them that they have indeed arrived. Commercial Banks stressed that it was not the ownership of those cards that led to the many cases fo insolvency in the country.
Even social scientists joined the foray by stating that many young graduates who possessed the cards are lacking in financial discipline. Thus, they tend to be careless and maxed their credit Cards.
Politicians has been besieged by parents whose children are now facing bankruptcy.
The Central Bank also stressed that those who earned less than RM36,000.00 per annum are only eligible to hold only two cards at the same time.