Posted by pakdi on January 27, 2008 – 1:24 pm
Few notes on credit card usage in Malaysia. Your debt can be increased tremendously if you are not well aware of the power of compounding interest that work against your benefits.
a. More than 40% credit card users out of the 8.8 million credit card holders only manage to pay the minimum 5% of their outstanding balance.
b. Credit card defaulters accounted RM 700 mil of the RM 18.6 billion in non performing loans.
c. Any unpaid credit card loan, the annualise percentage rate is 19.7%
d. 7,456 people had enrolled into Debt Management Programme under Credit Counselling and Debt Management Agency (AKPK).
e. 31% from those people got into financial problem because of credit card.
f. 52% faced financial trouble because the combination of hire purchase, housing loan and credit card debts.
You can read the full report from The Star Online : Easy Credit, Easy Spending
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Posted by pakdi on January 4, 2008 – 10:55 pm
According to the Bernama report, Visa has been named as world’s leading credit card by World Travel Awards, for the tenth consecutive year. From Visa officials, “More than 167,000 travel agents and professionals in over 160 countries cast the votes based on the criteria including scope of distribution, convenience and best services.”
Credit card is meant to make our life easier, but due to our indiscipline usage of the credit cards some people’s life become financially miserable because they are surrounded by a lot of credit card’s debt.
Credit card company also promoting credit cards aggressively until we have a thought that a man can’t live without it. Here is an example of Visa commercial:
Well, if you have credit card’s debt problem, you may want to read some suggestion here and here.
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Posted by pakdi on December 13, 2007 – 5:22 pm
By: Anaya Erika
If you have a county court judgment issued against you, lenders put you in the category of bad credit borrowers. Bad credit arises in many ways. Arrears, default in repayments and bankruptcy means that you belong to the bad credit category. This section of borrowers is taken care of by sub-prime lenders. These lenders specialise in dealing with borrowers who have low credit scores.
A borrower who does not have a perfect credit history needs to be cautious. Not all lenders will entertain your application for bad credit loans. Everyone goes through a bad financial phase. But, some people recover from the situation while some do not. There are many lenders in the market who provide bad credit loans against security (your home). Getting such loans without any security becomes a little difficult.
Bad credit unsecured loans are high-risk propositions for the lenders and, therefore, difficult to get. Even if lenders provide such loans, the interest rate is very high. Take for example, a tenant applying for bad credit loans. Such a borrower increases the risk for the lender many a times. There is no security to rely on and the previous conduct of the borrower is also discouraging. In order to cut down his risk, the lender will either refuse the borrower or give a loan at high rate. But, if similarly situated borrower approaches any lender with a security to offer, the situation can be different.
Online lenders in the UK market offer an opportunity to the borrowers to apply online. This is the most convenient way to search for loans. These lenders have individual policies for providing bad credit loans and unsecured bad credit loans. So, it becomes imperative that you contact some of these lenders and find a loan that matches your requirements. After all, people having bad credit history also deserve to get another chance. A good repayment track in the future can help them in regaining the creditworthiness in the loan market.
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Posted by pakdi on September 24, 2007 – 6:17 pm
Here is the 1st part of the video on dumping your debt by Dave Ramsey. He is a financial author who introduce the concept of debt snowball debt reduction method. Please watch these videos. I’m giving you here the first video for you to watch here.
And before you implement
debt snowball debt reduction method, you shall do these things too:
1. Quit borrowing quick money i.e. credit car
2. Save money and create your reserve fund
3. Pray to God
4. Sell something
5. Do part time job
6. Apply debt snowball debt reduction method
It is interesting when Mr Ramsey said that we will eventually become poor or rich and it is the matter of time. Whether we’re choosing the path of the rich or the path of the poor. And to get out of debt it is a path of the rich. Thus, do what the rich people do in managing their money and debt!
Here are the other 8 parts of the video
Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9
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Posted by pakdi on September 16, 2007 – 2:25 pm
Funny sketch. Don’t buy any stuff if you don’t have any money 
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