Gerakan has reiterated its call to Bank Negara to impose stricter credit-card rules, saying having two credit cards per person is enough and that the income level should not be less than RM3,000 per month.

Gerakan’s head of central bureau on public health and social development, Datuk Dr Ng Keong Chye, said it was very important to control indiscreet credit card spending and reduce financial mismanagement, especially amongst young people.

Ng said statistics have shown that credit card bankruptcies have been increasing, and becoming prevalent among young people.

Ng, who is also Ketari State Assemblyman, said there should be stricter conditions, including vetting applicants, especially the young people, those who have just entered the workforce and those earning less than RM3,000 per month.

It was reported that in a bid to control household debt, Bank Negara will impose new guidelines to make it harder for consumers to obtain and own credit cards.

The new rules, to be unveiled in Budget 2011, will restrict the number of credit cards per consumer and allow only those with a yearly income above RM24,000 will be eligible to own a card.