Recently the Malaysian Government said that they have collected a total of RM275.5 mil credit card service tax. I don’t feel proud of that.

I believe there many credit card holders out there who are owing the credit card companies and are unable to settle all, are in dire straits situation to absorb the extra government service tax levied. These cardholders already in bad financial situations and yet the imposing of extra tax will only put more burden on them.

For those new or good credit standing card holders, they can just cut the cards into halves and returned to the banks. They will not have to pay the credit card banks the government service tax.

So this new tax is helping the government to get new revenue but putting heavier burden to credit card holders who need help.

As as an advice to all, do not get into credit card problems and watch your credit exposure.