30yo M’sian With RM4K Salary Gets Stuck in RM90K of Debt After Using 6 Credit Cards

A credit card can be the best financial tool IF you use it correctly and pay your debts on time . What’s the worst that can happen if you swipe like there’s no tomorrow?

A 30-year-old Malaysian man with 6 credit cards at hand is now stuck in a whopping RM90,000 debt. In a Facebook post on Muflis Bankrupt di Malaysia, the man said he earned a monthly salary of RM4,000, and back when he applied ALL credit cards, he was earning the same figure.“Don’t ask how my cards were all approved. I had my ways but I am not going to disclose it.”“All expenses were paid with my credit cards, including when I bought a car.

Unfortunately, what was supposed to be an aid became an unhealthy addiction. The man couldn’t stop swiping his credit cards and started applying more as a backup. “I couldn’t live without credit cards. When the debts for card A increased, I applied card B as balance transfer and when debts increased again, I applied card C for the same purpose.”

And when life hit him hard, that was when he realised that the habit had to stop. With a nearly 6-figure debt, the man contacted the banks to ALL his cards and started paying his debts.“I cried when I was doing so. I started to clear my debts through debts consolidation.”We guess it’s not too late for the man to learn his lesson.

Source: Loan Digest (loandigest.net)

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