IT should come as no surprise that the number of young bankrupts under 25 is increasing. Two years ago, a study by the Consumer Research and Resource Centre revealed that 47 per cent of young Malaysians had consumer debt of at least 30 per cent of their gross monthly income. Half of all credit card bankrupts are under 30. Last year, an average of 61 Malaysians went bankrupt every day. So, is it any wonder that this dreadful trend is trickling down to the young? Young people are like old people; they want things, and they want it now. And, the world makes it easy for them to get what they want by giving them access to easy credit, high-margin car and housing loans, and hire-purchase schemes. Should such things even be given to the young? Which evil, irresponsible party is entrapping our young in this life of debt?
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