Government To Accelerate Introduction Of The Consumer Credit Act
Author Avatar

 

Government To Accelerate Introduction Of The Consumer Credit Act (Image: Bernama)

Putrajaya is pushing to expedite the creation of the Consumer Credit Act (CCA), almost three years after Bank Negara first announced that it would be working with the government to create consumer protection legislation. The CCA carries a dual purpose; to protect consumers in their dealings with creditors and to promote healthy spending.

“Its intention is to ensure that credit consumers receive a fair service when dealing with creditors,” said Tun Dr Mahathir. “The formation of this Act will be fast-tracked to protect the consumers and encourage a healthy credit market.”

The Prime Minister said that the Act is pivotal, what with household debt in Malaysia reaching 82.1% of the nation’s gross domestic product (GDP). This number is higher than household debt in high-income countries like Italy where it stands at 40.3% of national GDP, Japan at 58.1%, and the US at 76.3%. In addition, data from the Credit Counselling and Debt Management Agency’s Debt Management Programme indicated that about 80% of its participants were overly confident about being able to repay debts owed.

 (Image: Bernama)

According to the Prime Minister, the Act will be tabled in Parliament as soon as possible this year. He revealed that the Act was being drafted through the cooperation of the Ministry of Domestic Trade and Consumer Affairs, the Ministry of Housing and Local Government, the Ministry of Entrepreneur Development, Bank Negara Malaysia, Securities Commission Malaysia, and other related agencies.

This announcement was made during the launch of the National Strategy for Financial Literacy 2019-2023, which is intended to complement the Act in protecting credit users in the nation. “The effort to enhance financial literacy has become extremely important and is complementary to the Consumer Credit Act initiative to strengthen the credit consumer protection framework in Malaysia,” said Tun Dr Mahathir.

(Source: Malay MailPMO)

 

0 0 votes
Article Rating

SHARE

Comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
Top Personal Finance News Articles
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 24th November 2021
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
Best High Interest Savings Accounts In Malaysia (October 2021)
Pang Tun Yau
- 6th October 2021
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image