Bankruptcy Among Youth - 1748 Words

1.0 Introduction Bankruptcy becoming the issues toward many youth nowadays. The worst is the bankruptcy was involves with many youth where below than age 30. According to Credit Counselling and Management Agency in New Straits Times (2011), an average of 41 Malaysians are declared bankrupt daily, with the majority failing to make repayment for car purchase loan. In short, the problem of bankruptcy among youth has to be taken seriously. 2.0 Problem Statement Statistics by the AKPK indicated that the number of individual bankruptcy cases had raised by 11.2% to 18,053 cases in 2010 and increased by a further 6.2% to 19,167 cases in 2011 (Curbing Credit Card Abuse, 2012). According to a survey by the Education and Research Association for†¦show more content†¦In that connection, financial illiteracy can lead to making poor financial decisions that can have adverse effects on the financial health of an individual (Hallman amp; Rosenbloom, 2000). 6.1.5 Medical Expenses Medical expenses refer to any expenses incurred by individuals due to health care costs and it usually involved high cost. For example cost for medicines, treatment, surgery, premium for health insurance and other related costs. 6.2 Summary of Previous Study 6.2.1 Loans According to Haini Hassan Deputy Director-General Insolvency Department (2012) from the statistic make by the Bank Negara the car loans is the top list of the reason bakruptcy followed by personal and housing loans. In addition, she added that the credit card debts made up the other major causes of bakruptcy. Similary, Bank Negara Malaysia (2009) cited in Malay Mail Insight stated that 3548 people declaring banruptcy due to the credit card debt whereby 1780 people belong to those aged 30 and below. 6.2.2 Unemployment A survey conducted by Deborah Ralston, Rosalind Mason, amp; Jaynendra Kumar(2001), the major self-attributed causes of consumer bankruptcy in 1998-99 were unemployment and it cause 38% of consumer bankruptcy in 1998-1999 which is major self attributed. Similarly, J. Zywicki (2004) found that the first, high levelsShow MoreRelatedBankruptcy Among Youth5014 Words   |  21 PagesMalaysia. They need to be survived and struggle in order to be useful to this country. However, Malaysian youth are becoming increasingly reckless with spending especially by the convenience offered by credit card. It is due to the desire to purchase everything that they want making them easily to involve with the loan. As the result, many youth where below than age 30 were involves with bankruptcy. 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