KUALA LUMPUR, December 14 - The country's household debt has increased to RM1.57 trillion as of June, compared to RM1.53 trillion at the end of 2023.

Senator Mohd Hasbie Muda has proposed that the government limit the household debt ratio despite the decline in Gross Domestic Product (GDP).

He said that to address the issue, the implementation of the Consumer Credit Act (CCA) is expected to be tabled in the next parliamentary session.

"The Consumer Credit Act means that the government will issue guidelines and establish a body to regulate loan providers such as the 'Buy Now Pay Later' system which is increasingly widespread and attracting the attention of young people," he said.

He said this when met after being a guest on the Selamat Pagi Malaysia programme at Angkasapuri Kota Media, here.