NST have an article today about some Malaysians are caught in credit card debt trap… funny thing is that I was in Ipoh last day and my aunt talked to me seeking advice to help my cousin to settle his credit card debts that mount to RM30-40k.
My cousin is probably earning around RM2,000 monthly and can’t even afford to pay the minimum payment every month. His debts came from various spending, lots of the time in things that he doesn’t need… according to my aunt his branded cloths are pilling in abundance, lots of the time wore only once.
To make it worse my cousin is not trying to solve his problem, and still continue spending until the extend that my aunt had to hide his credit card. He is lucky that his parents are willing and capable of paying the minimum payment at the moment.
Well I am not a financial expert; I couldn’t give much advice if my cousin is giving up on himself. If he’s willing he can at least try to get some part time job, cut his spending on cards etc; while trying to negotiate with banks to allow 0% interest for certain period to avoid his debt pilling to the extend of bankruptcy.
Sometimes I felt that the banks should be responsible for issuing credit cards rather too easily; but in the end the banks never force anyone to get a card and to spend with it; it’s still the users’ fault, it’s still my cousin’s fault.
Don’t be a credit card slave; be careful not to be drawn into my cousin’s situation.
December 18th, 2006 at 10:39 pm
Have a few friends with the same problem. We too have credit card debt but fortunately ours is under control.
December 19th, 2006 at 5:14 pm
WHOAH that’s a LOT. but how come the bank never declined his transaction after certain credit limit???
December 19th, 2006 at 5:52 pm
I guess my cousin have a few cards, and with all the credit limit it’s not really that hard to owed the bank some 30k.
Also if he was consistently making minimum payment, some banks will actually expand his credit limit for him to spend more (and the banks will get more interest income).
December 20th, 2006 at 11:54 am
yes yes, you are right. the more we spend the more ‘they’ make .. and this is exclusive of the interest from outstanding amount
these credit cards ‘berhantu’
January 1st, 2007 at 12:05 pm
yup…
my friend has to be a “proxy” untill now because of his brother’s debt. there is still RM30k more still not paid. can you imagine that? it’s a useless if you got the big income but finally, you’ve got to pay someone’s debt. what a nightmare…
January 1st, 2007 at 1:01 pm
It sucks for sure mr_ombak… like my cousin’s case as well, his parents have to help him pay the debts at the moment; he did all the spendings and other clearing his debts… what a joke!
January 14th, 2007 at 3:25 pm
Dear Friends
Noted your credit card problems, currently working to solve everyone problem in Malaysia having Credit Card Debts.
Be assured, within 1 years time, you will be freed from your Credit Card Debt.
Targeting atleast 10,000 each year to be freed from Credi Card Debt
Best Regards
Vincent Joseph
December 16th, 2007 at 6:38 am
Are there any help or legal advice that the debtor can seek in Malaysia to help those poor sods..like a citizen’s advice bureau which offer free impartial advice?
December 16th, 2007 at 11:35 pm
I am not sure if we have a free service to help these debtors in M’sia.
May 15th, 2008 at 9:02 pm
i currently have credit card debt…..sometimes credit card really helpful for emergency cases!!
few months ago, my parent need a huge money for surgial, i spend about RM 4000.00 for paying bills(by credit card).
now i stuck……i affraid i will be “saman”
February 11th, 2009 at 10:39 am
i hav a friends can help to solve the credit card debts, friendly speaking she is NOT ALONG !………
she was doing credit card restructuring .
my credit card debt is solve by her…………i have 3 credit card in hand before that i even cannot pay the minimum because is too high for me. after my friends help me restructure the interest from annual 18% drop untill 6-7% per annum and is fix no more daily rest and other nonsence……..
you can contact this number 0162117691 for further info.
thanks
Tan
February 18th, 2009 at 6:16 am
Speak to AKPK . Its a govt organization which will help to restructure the loans.
June 12th, 2009 at 4:24 pm
yap sure AKPK…
after that.. u can never use yr credit card AGAIN!!!
July 27th, 2009 at 4:43 pm
Hi!
I knew it is difficult to settle the debt but rest assured that something can be done. My wife has reduced her monthly payment to amount that we can afford to pay and paid off the debt (about 10K) in 36 months. If follow the normal payment structure, must dies lah to pay off. Restructured payment (and can still use the card but with control-lah) is the answer. If interested to know, let me know Ahmad 0192445118 or email me.
Thanks.
Ahmad
July 27th, 2009 at 4:45 pm
btw, this is not AKPK thingy. This is private company dealing directly with bank. Not Along company also, many has resolved their debt with this company.
October 26th, 2009 at 3:59 pm
When i started working in 2007 July, i was getting paid around RM1800 and i managed to apply 3 credit cards. direct accesss RM 6k Eon Bank 4k and Maybank 4k with Zing touch n Go attach to it…so when i use touch and go up to less than RM50 credit…it will auto credit charge to my Maybank credit card. i was using it madly mainly bring gf to eat in expensive place. bought handphone for her bought facial package to her…and stuff…by the time 2008 october…i have reach my credit limit for all the 3 cards which is 14k. even my next job was paid 2.2k i cant even afford to paythe minimum for the cards as i have rent and i was then still love drinking. I was really worried as when i wanted to buy a new car, i was being rejected from bank. to certain extend i was avoiding calls from bank ..warning letters that sent to my house…my dad keep questionins me and stuff. I was in deep shit.
Till one day…i borrowed RM 1000 from my fren for normal expenses when he transfered the money to me in Maybank, i couldnt withdraw it out…when i call the bank…they told me my saving account has been frozen till i clear which was RM 4820 as i didnt pay for about 6-7 months the interest has gone up to 820 more….i have to use the 1000k my fren lend to me…so i beg another of my fren to lend me 4820 to clear that maybank card in order for me to withdraw out the 1000K . I was beggin like hell. like a beggar…really no pride. and i promised him i will pay him back in 5 months time. which is 1k every month. and then i have 2 more cards left. 5200 for eon and 7200 for direct access cimb… same thing…they called and i am avoiding thier calls….till one day..a malay guy called from cimb told me he could arrange some settlement for me….he said he could stop the interest and pay him 300 everymonth for 2 years. and at the same time a gal from Eon bank call me told me to pay rm 400 everymonth for 1 year….interest are all stop….now i left few months more to clear my last CIMB direct access card… I told myself i wouldnt want to apply credit card anymore as i know my money management is really bad….so relief now for not owing money.