{"id":27102,"date":"2016-11-18T15:56:24","date_gmt":"2016-11-18T07:56:24","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=27102"},"modified":"2016-11-18T15:56:24","modified_gmt":"2016-11-18T07:56:24","slug":"more-than-20000-millennials-bankrupt-in-last-4-years-putrajaya-reveals","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/more-than-20000-millennials-bankrupt-in-last-4-years-putrajaya-reveals","title":{"rendered":"More Than 20,000 Millennials Bankrupt In Last 4 Years, Putrajaya Reveals"},"content":{"rendered":"<p>A total of 22,581 bankruptcy cases were recorded between 2012 and September this year involving individuals aged between 25 and 34, revealed the Insolvency Department.<\/p>\n<p>In the same period, 1,157 bankruptcy cases involving those under 25 years old were also recorded, it added.<\/p>\n<p>According to Minister in the Prime Minister\u2019s Department Datuk Seri Azalina Othman Said, the highest number of bankruptcies, at 26,801 cases, was due to the inability to settle vehicle hire-purchase loans, following by personal loans (22,153 cases) and housing loans (18,819 cases).<\/p>\n<p>This confirms the findings of a survey by The Edge and iMoney which said millennials were having <a href=\"https:\/\/www.imoney.my\/articles\/survey-reveals-poor-money-management-habits-among-young-malaysians\" target=\"_blank\">a tough time surviving financially<\/a>, with many being knee-deep in debt and on the brink of bankruptcy.<\/p>\n<p>Last week, the government proposed an \u201c<a href=\"https:\/\/www.imoney.my\/articles\/putrajaya-moots-escape-clause-for-bankruptcy\" target=\"_blank\">escape clause<\/a>\u201d to help Malaysians straddled with debt to avoid being declared bankrupt.<\/p>\n<p>The proposal comes amid rising household debt with Bank Negara Malaysia revealing that the country\u2019s household debt stood at RM1.03 trillion or 89.1% of the GDP, making it <a href=\"http:\/\/www.thestar.com.my\/news\/nation\/2016\/05\/24\/household-debt-stands-at-rm1dot03tril-says-chua\/\" target=\"_blank\" rel=\"nofollow\">one of the highest in the region<\/a>.<\/p>\n<p><a href=\"http:\/\/www.nst.com.my\/news\/2016\/11\/189631\/alarming-22581-msians-aged-25-34-declared-bankrupt-last-four-years\" target=\"_blank\" rel=\"nofollow\"><em>[Source]<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>And this is worrying.<\/p>\n","protected":false},"author":29,"featured_media":27103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[242,218,216],"tags":[],"class_list":["post-27102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-management","category-money-management","category-news-updates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - 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