fbpx
Connect with us

Social Stories

M’sian Govt Worker Shares How He Regrets Taking Out Personal Loans, Now Stuck with RM200K Debt

Published

Collage 63 1
Source: 123RF & 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

In a recent post shared on the Muflis Bankrupt Facebook page, an anonymous man (let’s call him Amirul) opened up about how his financial situation spiralled out of control, showing just how risky easy loans can be.

189294769 L Normal None

For illustration purposes only

He saw the loan as an opportunity

Amirul shared in the post that what led him to take out a personal loan was how easy it was for him, given his position as a government staff.

He admitted that at the time, he was thrilled at the idea of having access to a large sum of money, especially since he was eligible for the loan.

“Back then, I was really excited to get a loan because it felt amazing to have so much money, especially since it was so easy and I was eligible (being a government staff). But that’s where my regret started.”

219783515 L Normal None

For illustration purposes only

He kept increasing the amount each time

After Amirul took out a personal loan, he shared that this was the moment his regret started to set in, as he ended up misusing the loan and spending it in ways he hadn’t planned.

He explained that he started with a RM50,000 loan, and when the money ran out, he would overlap the loan with another bank. Each time he did this, he ended up adding more to the loan amount.

“Sometimes I’d add RM10K, other times RM20K. I kept increasing the amount as long as I was eligible.”

123738422 L Normal None

For illustration purposes only

He was left with a RM200,000 debt

Amirul then shared that, because he kept switching banks and increasing the loan amount each time, the total debt eventually ballooned to RM200,000.

He admitted that none of the money he borrowed was spent on anything meaningful or necessary. In fact, it just vanished because he didn’t manage his spending well.

Now, his monthly payments are sky-high, so he had to apply for a restructuring with the bank and made it his mission to pay off the debt.

“One lesson I’ve learned is that unless it’s absolutely necessary, don’t take out a personal loan. It can really weigh you down.”

 

We hope everyone takes this as a reminder to manage your debts carefully and plan ahead!

 

Also read: “Still surviving” – M’sian With RM3.5K Salary Works 3 Jobs to Pay Off RM1K House Loan Every Month

Collage 11 2

Source: 123RF
Source: 123RF
Source: 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Collage 89 Collage 89
News8 hours ago

Johor Government May Implement a 4.5-Day Workweek in the Near Future

A 4-day workweek sounds ideal, but a 4-and-a-half day workweek doesn’t sound bad either. Johoreans may be in luck next...

My Post 1 2024 11 21T160023.537 My Post 1 2024 11 21T160023.537
News9 hours ago

“UPSR get D, SPM can get A” – PMX Responds to BERSIH Giving Him a Grade D in ‘Report Card’

Prime Minister Datuk Seri Anwar Ibrahim has opened up about BERSIH’s ‘report card‘ on his administration’s performance in conjunction with...

My Post 1 2024 11 21T114442.032 1 My Post 1 2024 11 21T114442.032 1
News13 hours ago

PDRM is Offering 60% Off Selected Traffic Summons at Govt’s 2nd Anniversary Event This Weekend!

In conjunction with the MADANI government’s 2nd anniversary on 24 November (Sunday), the Ministry of Home Affairs of Malaysia (KDN)...

Collage 17 1 Collage 17 1
News1 day ago

MCPF Calls for Vape Ban, Warns Addiction to Substances Can Lead to Unhealthy Behaviours Like Theft

The Malaysian Crime Prevention Foundation (MCPF) is urging for the sale of e-cigarettes or vape devices to be banned or...

Feat Image Lesen Feat Image Lesen
News1 day ago

Anthony Loke: Road Users in M’sia May Have to Pay for Physical Driving License Cards Starting Next Year

Transport Minister Anthony Loke Siew Fook today iterated that the Government will continue with the implementation of digital driving licenses...

Collage 15 2 Collage 15 2
News1 day ago

Filipino Couple Caught Living & Working Illegally in Malaysia Using Fake MyKads That Cost RM250 Each

A Filipino husband and wife were arrested during a raid on November 19 at a house in Pandan Indah yesterday...

Feat Image Apple Ind Feat Image Apple Ind
News1 day ago

Apple Offers to Increase Investment in Indonesia Tenfold to RM446 Million to Lift Country’s iPhone 16 Series Ban

Previously, we shared how the Apple iPhone 16 Series is banned from being sold in Indonesia until the tech giant...

My Post 1 2024 11 20T144359.263 My Post 1 2024 11 20T144359.263
News1 day ago

BERSIH Names Ismail Sabri the Best PM Since 2009, Calls Out PMX for Lack of Urgency with Reforms

In conjunction with the upcoming 2nd anniversary (24 November) of Anwar Ibrahim’s administration, The Coalition for Clean and Fair Elections,...

Announcement

Latest Videos



TRENDING TODAY