Monday February 16, 2009
Ministry feels interest rate reduction not good enough
Ministry secretary-general Datuk Mohd Zain Mohd Dom said he would meet with Bank Negara and financial institutions, possibly this week, to seek a further reduction in credit card interest rates. It was the ministry’s view that the interest rate reduction announced by the Association of Banks on Thursday “was not good enough”. Consumer groups said the reductions were too low, adding that the Tier III reduction of 0.5% was insignificant.
“The total credit card debt is RM23bil, and most of those affected are in Tier III. This is the group which needs help,” said a consumer official
Read more in details below
http://thestar.com.my/news/story.asp?file=/2009/2/16/nation/3276010&sec=nation
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