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M’sian Fresh Grad Earning RM5K Spends Above Means, Ends Up RM20,000 in Debt


Fresh Grad In 20K Debt
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Debt is a really scary word, especially for those who are older. Some young people who have just joined the workforce may not know much about it or even how to plan their finances, which causes them to get into debt.

This fresh graduate shared their story anonymously in the Facebook group, Muflis Bankrupt di Malaysia about how he got into debt due to his spending habit.

There, he described that he is a fresh graduate with a take-home salary of RM5,000. He then bought a rather luxurious car that he needed to pay RM1,200 monthly to service the loan.

“This wasn’t a big issue because I’m single and only responsible for my parents. Whenever I visited my hometown, I would generously spend it on my parents which made my heart feel at peace.”

Fresh Grad In Debt 1

After that, he got two credit cards with an RM6,000 limit on both, and his spending became uncontrollable. He ended up in RM20,000 worth of debt.

“Every time my salary came in, after deducting commitments, I was left with only RM100 for food and expenses for the whole month. I felt lost and didn’t know what to do.”

Then, 2 months ago, he discovered the Muflis Bankrupt di Malaysia Facebook group and read the experiences of the others who turned to becoming e-hailing drivers to settle their debt.

The fresh grad said that he would work as a driver each day just as long as the money covered the car’s fuel, and he could buy eggs to eat with rice while paying off his debt.

“Even if I earned only RM5, I would set it aside to pay off my debts.”

Fresh Grad In Debt 2

With the amount that he is hustling, the youngling said that he has now managed to pay back the RM20,000 debt that he racked up on his credit cards and has since closed both accounts. The only loan that remains is his car loan which is more than RM100,000.

He is now content that he can relax and just work one job, reported The Sun Daily.


Well, this is certainly a lesson for fresh grads and others in the same boat. Remember to always think before spending.


Also read: 70yo M’sian Spends All of His EPF Worth RM700k in 3 Years, Blames His Kids for Not Providing for Him

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