Bankruptcy Due To Credit Card Debts December 13, 2007
Posted by Vedis in : Credit Cards , add a comment
Last month, 89 people were declared bankrupts over credit card bills. The increasing number of people becoming bankrupts due to credit card debts is “worrying”.
In 2005, 1,497 credit card holders were declared bankrupt, representing an increase of 34% over the 1,117 credit card defaulters in 2002. In 2004, the number was 1,397.
In the past, people became bankrupt because of bank loans, but today bankruptcy due to credit card debts is reaching worrying heights.
The main reason could be due to the easy availability of plastic cash with the requirement for eligibility starting at a salary of RM1,000 a month. Some, especially the young, seemed to be having a “party” with credit cards by spending excessively on clothes and accessories. (more…)
Proper Planning For Your Retirement Funds To Protect Yourself Financially December 12, 2007
Posted by Vedis in : Retirement , add a commentRetirement is meant to be a rewarding experience when those who have toiled for decades to raise families and contribute towards nation-building can relax and take it easy.
Retirees are supposed to spend whatever time they have left to do the things they have always wanted to but did not have the time as they had to earn a living.
But the opposite is true in many cases as the majority of retirees are in fact facing a nightmare in just trying to support themselves with the basic things in life. (more…)
3 Simple Facts About Your Marred Credit Report April 8, 2007
Posted by Vedis in : Credit Rating , 1 comment so farFor those who have been late in repaying loans, defaulted on a loan or even declared bankruptcy, does a marred credit report mean the end of your credit days ?
1. Only the conduct of account for the last 12 months is shown in the credit report. If you missed a payment five years ago but had subsequently rectified the situation, the late payment will not be shown in the credit report.
2. However, if you stopped repaying a loan five years ago, that will be in the information listed. The conduct of an account for the most recent month would indicate that you are in arrears for 60 months (assuming that you are supposed to make monthly repayments to the bank).
3. If you have been declared bankrupt by a financial institution for six years.
