The Malaysian Association of Borrowers and Consumers Solution (4PM) recently revealed that a large group of Malaysians, aged 30 to 45, are expected to go bankrupt by next year, after all assistance and financial aid packages by the government end.
Based on a report by Utusan Malaysia, the President of the Association Tuan Haji Rosland Bin Mohd Arif, shared that after the end of all types of loans; moratoriums, i-Sinar packages and EPF withdrawals, many will turn to money lenders and loan sharks to overcome money shortages.
“We are receiving bankruptcy calls nationwide. If there are 30 calls a day, that is 900 a month and 10,800 a year,” he said.
What’s more worrying is that this amount of phone calls was only received by him. The figure has yet to add up the calls his officers receive.
Earlier, the Chairman of the Employees Provident Fund (EPF) Tan Sri Ahmad Badri Mohd Zahir, warned that the majority of its members were now likely to be ‘old-poor’ due to withdrawal after withdrawal made to survive through the Covid-19 pandemic.
Indirectly, this causes the average member to have insufficient savings and it is feared that there will be no savings left after retirement.
“48 per cent of EPF members under the age of 55 have very low savings,” he said.
Tuan Haji Rosland has since urged the government to intervene, to help those experiencing bankruptcy before they turn to and depend on money lenders or loan sharks when they are at their lowest.
His party also receives many reports of harassment and threats from money lenders, as they harass borrowers’ family members and set high interest rates of up to six per cent.
What do you think about this? Let us know in the comment section.
Also read: Govt May Implement Bumiputera Quota For Businesses In Malls & Tourist Hotspots