Bankruptcy rate up for Malaysian Indians

Kuala Lumpur, Dec 7(ANI): The number of Malaysian Indians declared bankrupt with their properties seized for auction has grown over the years and many of them were women aged below 30.

Consumer Association of Penang education officer N. V. Subbarow said that it was disappointing to note the growing number of women in the list.

"Most of them had become bankrupt because of improper planning of their expenditure, unnecessary spending and ill-thought out investments due to their greed to earn money within a short space of time," The Daily Star quoted Subbarow, as saying.

He also said that the bankrupt not only comprised people unable to pay their outstanding loans, but those who had stood as guarantors. (ANI)