Malaysia aims to discharge 200,000 individuals from bankruptcy by the end of 2024. As of now, 186,000 have been discharged according to the Malaysian Insolvency Department. Minister Azalina Othman Said stated that more men are declared bankrupt than women. Between 2021 and May 2024, 25,578 individuals aged 25 and above were declared bankrupt, with the highest number (10,145) being between 35 and 44 years old. Uncontrolled credit card usage is a contributing factor to bankruptcy among young people.
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