Sunday, July 19, 2009


I have been an active member in Facebook for a few months back. For me, it is actually convenient to keep track of all friends from recent and previous encounters, looking at only one site. Pictures can be downloaded and thus, you can see the changes in our friends, physically as well as their current activites. I accepted friends requests as I believe the more friends you have, the more you can learn from each others' experience. I am available at Do give me a short message, informing that you read my blog, so that I can easily identify you among others. My passion is financial management topics specialising in earning passive income. Another passion is on children's behaviour.

I posted the article below in my Facebook account last Friday, 17th July, 2009 at, for the benefit of those not in FB yet.


Today in Radio IKIM, Repr from Permodalan BSN was mentioning that there are 11 million people in Malaysia having credit cards with an average of 4 cards per person.The total credit card debts from these 11 million people is RM23 billion circulating around. 2397 credit card holders are of 25 years old and below. ( Did I hear this right? Or was it 2397 people is already declared bankrupt?) 125 of the 2397 are aged below 25 yeards old and are bankrupt TODAY!!.

Parents, do educate your children to be money savvy. Spend LESS than you earn.For a fact, I too have more than 4 cards myself (each have their own reasons behind it) but I paid almost all debts by end of the month. My biggest expenses in the bill is paying for my continuous education.

Bankers should be made aware the situation that they put us in. These days, One bank introduces many types of credit cards, one for fuel, one for hypermarkets, one for airlines etc etc. Can't they just put all their JV into one card and we can have only one card per person. Who wants to bring this up?

For those who are already in the credit card mess, you can talk to Agensi Kaunselling dan Pengurusan Krdit AKPK at 1-800-88-25-75. Its website Just found out that they are actually in FB, check out this link


  1. Talking about credit card, the economic sanction has resulted that Visa and Mastercard are not used here in Sudan. In one way it is so inconvenient but from the other perspective it is very good because we tend to control our spending.

    By the way, I have my own nightmare when talking about credit card. In 1998, I started my first ever sole proprietor company "KH Membership Consultant' funded by 7 credit cards that I purposely applied to fund my business. How naive I was . I cannot describe in any form of word how regret I am with my stupid action funding my business with such a high interest charges financial funding. I guess I did not have much choice that time since my father is not a rich man that can help me to fund my business. However, the decision to fund my business with 7 credit cards remains the most stupid decision that I have ever made in my life

    Now, I vow that I will guide my daughters and son to spend prudently and using credit card wisely. I have learned my bitter lesson.

  2. Yes, using credit card to take out cash is very dangerous as if we do not pay the sum immediately upon due dates, the interest on the principal amount will accumulate. Most banks even charges interest on the pricipal + interest amount. imagine 1.5% per month and it will be a compounding interest.

    Say that you take out $20,000. At the end of each month you only pays $300, the minimum amount. By end of the year, you still have the principal to pay (total $20,000), as at 1.5% per month interest the $300 is only the actual interest amount being repaid. Worse situation will be faced if the paid amount is lesser than $300. The principal amount and interest amount will be accummulated to a much higher figure.


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