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“I’m earning only RM3K” – M’sian Struggles to Pay Nearly RM500K of Debts & Fears Losing His Govt Job

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Source: 123RF & Malay Mail

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Financial literacy is, no doubt, an important knowledge as we grow up. As life gets tougher, the difficulties themselves will remind you about how important it is to manage your finance.

An anonymous man who is currently stuck financially shared his dilemma through a post that has since circulated. With only RM3,000 monthly wage, he is stuck with a massive debt, according to the viral post shared on the Facebook page, The Viral Stories. With that figure staring at you every day, it’s scary to even imagine how tough life can be.

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His personal loans themselves are high enough to “drain his blood”, with RM142,000 and RM9,000 of debt from 2 different banks. That’s already RM151,000, for loans only. Other debts include,

  • Malaysia’s Public Sector Housing Financing (RM230,000)
  • Koperasi (RM100,000)
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For illustration purposes only

With all these debts waiting to be settled, the man, who works in the government sector has a whopping RM481,000 debt! That is nearly half a million. The man, however, has a way out for himself to settle the debts slowly but here’s what he’s concerned about.

“If I declare myself bankrupt, will I be fired from my job?”

Assuming his fate is sealed and the unfortunate man loses his job, tough times are ahead for him, especially without a proper source of income to pay the debt.

Netizens were shocked to see the amount of debt that he’s stuck with, and some of them took the opportunity to remind others about the grave consequences of applying for loans if not handled well.

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“A lot of them who are from the government sector are stuck in this situation. I hope everything is eased for them to settle their debts before their deaths.”

“It’s more than enough to live within your means.”

“How did he survive with all these debts?”

“I notice it’s easier to get your loans approved if you work in the government sector. But you should think about how tough it can be to pay off the loans.”

Those who have ongoing debts to settle, how do you survive? If you have a tip or two, do share to this man, it might come in handy!

 

Also read: Dad in China Acted to be Poor for 20 Years Before Revealing to His Son That He’s Actually a Millionaire

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Source: Malay Mail
Source: 123RF

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