Sri Lanka’s credit card debt Rs. 60 billion

imagesSri Lanka’s credit card debt is at Rs 60 billion so far, Parliament was informed today.

Responding to a question posed by United National Party (UNP) Parliamentarian Buddhika Pathirana, the Government said that the use of credit cards is high in Sri Lanka.

The Government also noted that the high use of credit cards has also resulted in credit card fraud like in several other countries.

Responding to another question on the use of pyramid schemes, the Government said that such schemes are banned in Sri Laka but continue to operate.

The Government said that investigations to ban anyone involved in pyramid schemes will be conducted and anyone found guilty will be dealt with under the law. (Colombo Gazette)

1 COMMENT

  1. World economy almost collapsed primarily due to unsustainable borrowing of ridicules levels by mostly America. Asia and in particular India (Srilankans ncluded) survived simply because as individuals we up to recent times live withing our means and had not borrowed beyond means. It is very clear that we have now exceeded our limits; weddings we cant afford, cars we cannot afford and living well beyond our means seem to be the new Sri Lankan motor, specially the young. Authorities must curtail this and M.P Pathirana is obviously not in the good books of our ‘smart’ Prime Minister but I hope Pathirana has raised a very timely question. PM please intervene before it is too late.

LEAVE A REPLY

Please enter your comment!
Please enter your name here