Credit card repayment – Malaysians are the worst credit card repayers in the Asia Pacific region.
If you are a Malaysian, then you probably part of the statistics. This is based on global survey conducted by The Nielsen Global Survey of Investment Attitude, as reported in TheStar article – Survey reveals many Malaysians do not settle their debts in full each month.
The survey was conducted from Feb 10-27 this year and polled more than 28,000 online consumers in 56 countries throughout Asia Pacific, Europe, Latin America, North America, the Middle East and Africa.
Some highlights of the survey regarding Malaysians
- 18% of Malaysians repay only the minimum amount required.
- Malaysians rank as the top 10 savers anywhere in the world.
- Only 40 percent of Malaysian consumers polled are actually investing their money.
Translated, it means 60 percent of my fellow countrymen are hoarding too much cash instead of investing it – and this beckons the inevitable, which is letting your monetary value be gobbled up by the 3 percent/year inflation rate.
Inflation is just like heart attack – it is a silent killer. It kills you softly, but by the time you are aware of it, it’s probably too late.
However, the excruciating fact to swallow is the fact that fellow Malaysians loaded with consumer debt are literally sinking so deep into financial hell-hole by only paying minimum amount every month. This happened without them realizing it. And it’s really hard to explain this in words if you belong in this category. The true cost of credit card interest is so detrimental to your financial standing, while your bank is laughing their way…well, to the bank.
If this still does not get into your head, let’s get visual then. Credits to FinancialMentor.com
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Which stage of the hell-hole are you in? Are you feeling the heat yet? Me? I clear my credit card balances every month 🙂 I use them as a method of payment, that’s it.