29 Sep '11, 10am

Maybank says personal loans becoming cause for concern

Maybank says personal loans becoming cause for concern

Wahid speaking to Maybank shareholders at their Annual General Meeting held at Sime Darby Convention Centre September 29 2010. — Picture by Choo Choy May KUALA LUMPUR, Sept 29 — Malaysia’s largest lender urged authorities today to step up monitoring of personal loans, saying that it was becoming a cause for concern. This comes as the nation’s household debt increased from 66.7 per cent in 2004 to 76 per cent in 2009, which is uncomfortably close to US levels prior to the 2008 financial crisis. Malaysians are facing increasing financial pressures as salaries have not kept up with inflation and many turn to personal loans and credit cards to help fund living expenses. The size of the money lending industry is reflected by the extent of advertising of personal loans, many with the interest rate of one per cent a month. Some vernacular newspapers carry two to three full pages ...

Full article: http://blog.drdzul.com/2011/09/29/maybank-says-personal-l...

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