A total of 21,987 Malaysians were declared bankrupt last year, a 12% increase from statistics in 2012 and almost double the number of insolvency cases in 2007, said Minister in the Prime Minister’s Department Datuk Nancy Shukri in the Dewan Rakyat today.
Last year’s bankruptcies numbered 2,412 cases more than those recorded in 2012, with those defaulting from car loans topping the list at 26.5% of cases, following by those defaulting on housing loans.
This comes on the heels of Bank Negara’s announcement that household borrowing in Malaysia spiralled to 86.6% of the total value of Malaysia’s entire economy, up from just over 81% in 2012.
Photo: Yun Huang Yong / Flickr
Story: The Malay Mail Online
