PETALING JAYA: Swiping the credit card is the simplest way to mounting debt and the fastest way to becoming a bankrupt. Of the more than 100,000 people who sought the assistance of Credit Counseling and Debt Management Agency (AKPK) so far, 22.8% have been declared bankrupt due to poor financial management, Nanyang Siang Pau reported today. AKPK financial education trainer Dr Desmond Chong said one does not need a guarantor or collateral to apply for a credit card. One can always apply for another card from another bank after using up all the credit of the current card, he said, adding that the process is simple and easy. Chong told the daily that according to the AKPK statistics, of the 103,768 people who sought help with the agency as of end-February this year, poor financial management was the main reason why people went bankrupt, accounting for 22.8%. He said lack of prudence in financial management results in people spending beyond their means and taking up fresh loans as they service old debts and this is the main reason for the high bankruptcy rate in the country. Chong said greed, lifestyle and circumstances lead to borrowing by individuals. He said because of greed, some borrow big amounts to invest or make fast bucks, others pursue a lavish lifestyle, and live beyond their means, whereas there are those who borrow money due to circumstances such as incurring high medical bills themselves or because of family members. He said one should set aside a sum equivalent to three to six months of one's average monthly expenses for emergency purposes.