A credit card can be the best financial tool IF you use it correctly and pay your debts on time (and not just with the minimum payment). 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.”
What did the man buy with the credit card at his disposal? Long story short, EVERYTHING.
“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. To those who have multiple credit cards, how do you keep track of your finances?
Also read: 67yo M’sian Dad Finishes RM240K Savings & Has to Work Again to Settle Son’s Debts with Loan Sharks