Bankruptcy Among Young People Because of Credit Card 
BANKRUPTCY AMONG YOUNG PEOPLE BECAUSE OF CREDIT CARD
INTRODUCTION
Consumer credit can be defined as a debt that someone incurs for the purpose of purchasing a good or service. Common forms of consumer credit include credit cards, store cards, motor (auto) finance, personal loans (installment loans), consumer lines of credit, retail loans (retail installment loans) and mortgages.
The spread of credit card ownership and usage across developing Asia Pacific countries has been overwhelming. A review of literature on credit card reveals that most studies have been undertaken in developed country settings. Credit cards were first issued in the USA in the early twentieth century. Since then, they have become a major system for exchange of transactions (or payments) that stimulates household and personal spending even in many developing countries of the world (Watkins, 2000).
In Malaysia, cards were first introduced in the mid-1970s. At the early stage, credit cards were only issued to professionals or those considered successful businesspersons by card issuing companies. By the end of 1970s, an estimated 20,000 cards were issued. During that time, owning a credit card was considered a symbol of prestige. However, with the passage of time, eligibility criteria for obtaining credit cards have been increasingly relaxed. As a result, the number of cardholders reached to about three million by the turn of the last century.
One of the fastest ways to bankruptcy is the misuse of credit cards. One of the more common reasons that people end up filing for bankruptcy is due to too much credit card debt. Credit cards are so often too seductive because they offer the ability to buy what we want now. We can then pay it off later, using very small and affordable monthly payments. Credit cards offer a way for us to make attractive purchases that we might not be able to make otherwise. Suddenly, it seems as though we can afford anything we want. The low monthly payments seem
INTRODUCTION
Consumer credit can be defined as a debt that someone incurs for the purpose of purchasing a good or service. Common forms of consumer credit include credit cards, store cards, motor (auto) finance, personal loans (installment loans), consumer lines of credit, retail loans (retail installment loans) and mortgages.
The spread of credit card ownership and usage across developing Asia Pacific countries has been overwhelming. A review of literature on credit card reveals that most studies have been undertaken in developed country settings. Credit cards were first issued in the USA in the early twentieth century. Since then, they have become a major system for exchange of transactions (or payments) that stimulates household and personal spending even in many developing countries of the world (Watkins, 2000).
In Malaysia, cards were first introduced in the mid-1970s. At the early stage, credit cards were only issued to professionals or those considered successful businesspersons by card issuing companies. By the end of 1970s, an estimated 20,000 cards were issued. During that time, owning a credit card was considered a symbol of prestige. However, with the passage of time, eligibility criteria for obtaining credit cards have been increasingly relaxed. As a result, the number of cardholders reached to about three million by the turn of the last century.
One of the fastest ways to bankruptcy is the misuse of credit cards. One of the more common reasons that people end up filing for bankruptcy is due to too much credit card debt. Credit cards are so often too seductive because they offer the ability to buy what we want now. We can then pay it off later, using very small and affordable monthly payments. Credit cards offer a way for us to make attractive purchases that we might not be able to make otherwise. Suddenly, it seems as though we can afford anything we want. The low monthly payments seem