Between January and September this year, the number of Malaysians under 30 who were declared bankrupt has declined from the figures of the past three years.<\/p>\n
Only nine millennials were declared bankrupt in the same period, compared with 12 in 2014, 17 in 2015 and 22 last year.<\/p>\n
\u201cOne of the main reasons for bankruptcy among youth is credit card debt, as many tend to spend beyond their means.<\/p>\n
\u201cBetween 2014 and 2016, an average of 1.1% of youth declared bankruptcy due to credit card debt, and a majority of them were below 30 years old,\u201d said Deputy Finance Minister Datuk Othman Aziz.<\/p>\n
The household debt has also been decreasing over the past three years, from 89% against gross domestic product (debt-to-GDP) in 2015 to 88.3% last year, and 85.6% as of the third quarter of this year.<\/p>\n