New Credit Card Consolidation Guide for Malaysians

June 4, 2008 - PRLog -- A revolutionary guide to help Malaysians get out of debilitating credit card debt has recently been released and is hoped to help millions of individuals find the road back to financial health.

According to the figures reported early this year from Malaysian local papers and various sources, more than 40% of 8.8 million credit card holders only manage to pay the minimum 5% of their outstanding balance. Credit card defaulters account for RM 700 million of the country’s RM 18.6 billion in non-performing loans and unpaid credit card loans.

Steven Wong, the author of “Get Out of Credit Card Debt – Malaysian Version”, extensively studied the industry principally because of his own struggle with credit card debt in the past. According to his research, most of the banks in Malaysia are charging an actual interest rate of 19.7% p.a. instead of 18%, which is very oppressive. With these rates, it would take a mere four years to double a person’s unpaid credit balance due to snowballing interest.

The problems occur when people are not well educated. Instead of reducing the outstanding balances on their credit cards, they only pay the minimum amount monthly and keep at their uncontrolled spending behaviors. These disagreeable financial mismanagement habits will eventually lead to a situation where they are no longer able to pay even the monthly minimum amount.

Besides that, the study showed that the credit card industry has been growing at a rate of 16% to 20% in the last few years. That means more and more credit cards will get approved on a daily basis, and more and more credit card holders will eventually fail to repay their loans in the near future.

“Get Out of Credit Card Debt” is a comprehensive guide on credit card debt consolidation information in Malaysia. “Get Out of Credit Card Debt” wrote with one simple objective; that is, to educate existing and new credit card holders on the right concept of using credit cards.

This book also highlights different ways and tips for restructuring credit card debts. The author guides you through each of the suggested methods using comparison charts, tables, statistics, and examples to illustrate the different scenarios that will help the readers understand better. Thus, they get to choose the best method for consolidating their debts.

This book is written based on the author’s personal debt refinancing experience and his extensive research on the different methods of financing that can be found in Malaysia. There are many others ways of consolidating debts, but only those that fit the author’s criteria are suggested to the readers.

About the Author
Steven Wong actively studied and sought help from various financial institutions when his own accumulated debt reached dangerous levels. Having tried out several re-financing methods mentioned in this written book, he eventually found out the best and most innovative credit card debt consolidation service early this year, which helped him save thousands in interest.

This book is published in simple English, in electronic format / e-book format. It can be purchased online through the website.

http://mycreditcardsolution.com