MP SPEAKS | Rising household debt shows PN's failure on loan moratorium

MP SPEAKS | Malaysia's record-high household debt-to-gross domestic product (GDP) ratio of 93.3 percent as at December 2020 only spotlights the financial pain of the Perikatan Nasional government's deplorable failure to fulfil its promise of automatic extension of bank loan moratorium (except for the top 20 percent income group) for another six months.

Even though Bank Negara Malaysia reported that the high household debt ratio has not yet affected the economy adversely, there is no doubt that businesses and workers are suffering from the current economic recession.

The situation is worse for those facing job retrenchments or business closures, thus impacting negatively on their personal debt situation...