good to be debt free....

i owe bank over 1mil..... anyone got any bright ideas?

u sign agreement means u wanted it. so now pay monthlly jer

he probably needs cash flow, so 450/month makes more sense than 800/month.

if he doesn't take up more loans it still works while not really affecting his lifestyle. the extra interest is worth maintaining his lifestyle.

Rule of thumb, getting a loan to pay off a similar type of loan is digging a grave

I think both of you is kinda noob to not talk about interest rate

Seek help from AKPK.

am 100% onboard with you - as the local saying goes, bersusah2 dahulu bersenang2 kemudian.
the sooner one is debt-free, the lesser the burden to bear = less stress on you mind body and soul

i did see all this pay later stuff. but u know what, i NEVER EVER used their pay later schemes. Why? cause i only spend what i can afford and not put myself in a debt. If you dont manage it properly you can be in a deep hole you cant dig out of.

if he really needs something maybe get a job and start saving and live within means.

Never understood all these debtors who dig themselves a hole of their own doing. WORSE, if they come to others to help them, when THEY PUT THEMSELVES into this situation firstly. If they are asking for money, just say no and walk away. that simple, you don't need to care

forced to be frugal? well if he don't want to live like that than just get a better paying job or go out and do more hustling if he want to be spending more. There is no easy shortcut, not with these pay later schemes, it's all a debt trap

anyway i think your friend is delusional and not acting responsibly. You better hope this fella does not come to you asking or money out of desperation. DO NOT GIVE them any money if want advice, u can give that for free. but it sounds to me like he is laying down his sob story hoping you bail them out. cause why is it your business he is sharing this thing with when nothing to do with you? is he trying to set you up to pity him and help pay?


ok here is another example, people take a house loan, they got a stable job and already done the math they can pay back within this many years etc. basically before they even take out the loan they already had a plan to realistically pay off the house loan. this is a normal situation of taking a loan.

But your friend here, seem like he never ever intended to pay back the pay later at any point. Now he is in deep trouble. Totally irresponsible

This post has been edited by Moogle Stiltzkin: Jun 13 2025, 04:14 PM

I assume those are minimum payments?
Like that don’t know how many years you need to settle the debt lol.

First, make sure you have money left every month.
Second, you don’t have any money. Don’t pannai pannai go sign up for oversea trip latest gadgets coz after servicing min payment you got money left or quota left in cc. You don’t have money.
Third, try find any of your cc offer 0% balance transfer. Apply for it to the amount you can still service comfortably monthly to cover for the other cc. You don’t need to cover for whole amount. The idea is to reduce interest as much as possible. Everything little counts.

Actually I don't understand how you guys can accrue so much debt via credit card.

Just hold your horses and don't purchase that thing, is that so hard?

Excluding health emergencies etc.

I'd do this sometime, to clear CC debt, usually caused by high spending during festive period
but only IF NO INTEREST on initial debt, and low EIR of the resulting loan debt (0% balance transfer)
getting loan to pay off interest is retarded
but then bank love these ppl

Impulse buying. Most purchases, in general, are due to this behaviour by consumers

If the new interest on the loan is lower then it's a smart move.

This is what many financial advisors recommend also. Some banks offer loan consolidation with 6 to 12 months no interest.

If you are able to stick to the repayment plan it's a good deal

thank you.
i hope either one of cc had 0% balance transfer.

Use less or earn more jer..no secret recipe ahahahaa

Compulsive buying is a form of addiction lo and lack of discipline to correct.

Like those that non smoker wont understand a smokers urge and feeling wanting to smoke. Or a coffee lovers craves for the cup of coffee. Or a gambler's itch to gamble -easy to say just dont gamble lo, but its a form of addiction. Itu macam la

Need behavioural change 1 to correct it, so its not easy.

1) Which effective interest rate is lower ? Taking into consideration 6 mnths vs 12 months too.
2) Can he afford to pay RM 800 a month to clear soonest ?
3) If he can afford, what is he gonna go with the diff (800-450) ?
4) Will he change his behaviour if extend his loan to 12 months ? If still continue with more purchase, new loan then how ?

Item 3 and 4 is most important factor to make him back on good financial habits.

If Spay loan interest is higher than AEON then is a good choice.

Ultimate goal with playing debt game is that you can generate more return using the cash borrowed after interest.

If you cant generate return with debt, second choice is zerorized the interest to pay, last is reducing the interest.

Correct use of debt usually opt for one of the below:

Scenario 1:
Borrow RM1k, interest paid rm100, invest RM1k in something to generate RM1.2k, nett RM100 profit after interest.

Scenario 2:
Borrow RM1k, interest paid rm100, invest RM1k in something to generate RM1.1k, no profit no loss interest.

Scenario 3:
Borrow RM1k subject interest paid rm100, borrow somewhere else RM1k to repay first loan, with interest RM50, nett loss RM50 instead RM100.

Main objective of debt is to help you to get more money not less.

Like u stay in Kajang which salary for job is RM5000/mth, if you work in PJ salary is RM5500/mth. So you take loan buy a car with interest RM110 per mth makes sense, but if you buy a car with interest RM600 per mth dun make sense. Not inclusive petrol/electricity cost.

Actually to settle debt there is no other way than

1. earn more, pay faster
2. lower the interest
3. dont occur extra debt to it

We overspent to feel good when to do purchase or own the thing, but then need to face the consequences to covered the "good feeling". It's time to cut down all the expenses and stay low for the debt 30k atleast for 6 months or a year.

just to let you know there exist credit cards that are "designed" for minimum payers with super low interest rate. same goes for certain bank loans

having a huge credit facility is a very advantageous perk for many. alot of them have the money and financial intelligence to know that not utilising credit facilities are foolish.

just like your case above, lets use a simple example i heard before which is very common. lets say one dude who earns RM10k/mth owes a bank RM100k in CC expenses/loans/debts whatnot. but dude didnt want to stop his current high maintenance lifestyle at all to clear the debt to zero

so what the fella did was apply for those high credit limit credit cards or loans with low interest rates with long tenure (lets say 2%) then balance transfer whatever his purchases over to them. now all he need is to just pay RM2k in interest every month and the min payment of 5% of RM100k (RM5k), total RM7k/mth. he will still have 3k left to "spend/save"

this is how usually the rich play around with credit facilities and afforded really expensive things.