BY NAZLI IBRAHIM
SHAH ALAM, OCT 20: Low wages and the study-loan from National Higher Education Funding Corporation (PTPTN) are among the factors driving the youths in this country into debts.
The Former Deputy Director of Bank Negara Malaysia (BNM), Dr Rosli Yaakob said the situation has led to the rise of debt culture among the youths.
“Now, whatever they buy they need to buy in credit as their wages do not correspond to price increase of good or cost of living.
“This situation explains what BNM had announced last year on why the national household debt is 89.9 percent from Gross Domestic Product (GDP), which is among the highest in Asia,” he said when contacted by SelangorKini today.
He said, besides PTPTN loan, credit card debts are also among the highest in this country.
Nevertheless, he did not deny the practice of spending beyond means in affecting the increase in debts among some youths.
“Economic growth has not been too good in the past few years and this has caused many companies to shut down their operations, largely impacting these group of workers with debts.
