One of the announcements in the Malaysia’s 2010 Budget is that; a fee of RM50 service charge will be imposed per credit card to the people. They (Government) believe that would discourage the people to apply for credit cards; in order to be out of credit card debts.
I see the effort that the Government decides to help improve the lives of their people by imposing higher tax rates on items such as “service tax” for restaurants, “import duty tax” on consumer products especially on alcohol and tobacco and international cards;- all these efforts is to protect their people who happened to be mindless kindergarteners and is needed to be mothered in how they should live their life.
Credit cards are deemed to be evil to those who are not able to control their spending and hence abusing their card; but in the end they do pay a price for it. Credit cards are also good in a way that will ensure that if you do get robbed, you won’t lose your money too.
With the high crime rate; mostly unsolved snatch thieves cases that resulted to loss of valuables and sometimes their lives too. One of the major reason why we don’t carry a lot of money to pay our bills or grocery shopping or any spending needed that requires a huge sum of money. Now with this RM50 service charge imposed plus high interest rates; this will definitely be an extra burden to the people, as some is at the amidst in trying to finish off their debts so that they are able to cancel it off and now is being burdened not only on the high interest rates and annual fee by the bank, but also pressure from the Government.
On top of that, it will also increase the number of snatch thieves knowing that with such credit card fee imposed, we are forced to carry a huge sum of money around and once money is stolen, we dam well know, you can never get it back and your case will never be solved.
I see that they try their best for the people but sometimes their methods are unexplainable with no strong facts to support their decision. It feels like they just did the budget out of a teh-tarik discussion at the mamak shop by the corner.
Imposing RM50 per credit card will drive a lot of Malaysians to heavy debt, some who are facing it might resort to crime, suicide and bankruptcy.
I am sure there is another method to discourage others from applying for credit card without having to take their hard earned money along side with it too. Aren’t the unreasonable tax and toll charges good enough; to the fact that you need to squeeze more money from your own people. The same people who are inclined to allow you to take a cut off their salary just to pay yours.
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