KUALA LUMPUR: Deputy Finance Minister Datuk Ahmad Maslan yesterday called on Malaysians to exercise thrift in their spending, pointing out that household debt in the country was rising due to uncontrolled spending.
Malaysia’s household debt was high compared to that in neighbouring countries because many consumers were in debt by way of credit card loans, personal loans and such, he said.
Ahmad was responding to a question on overspending that could lead to wastage and debt, after a ‘sahur’ (pre-dawn meal) and handing over of gifts to orphans in Jalan Masjid India, here.
He said spending was good for the economies of traders and the country, but overspending was not good for all, particularly consumers.
At the event, organised by Astro and an NGO, murai.com.my, with the collaboration of the Srikandi Malaysia Welfare Organisation, Ahmad handed out food and cash to 80 orphans from around the Klang Valley. — Bernama