You can't be in debt and win. It doesn't work.
~ Dave Ramsey ~
It seems that more and more people are having debt and declared bankruptcy.
According to The Edge (quoting from Bernama) on 5/5/2017 issue we are seeing more and more civil servants taking up loan that they can't afford.
However, to make matter worse, they did this by falsifying their payslip in order to get personal loan.
Up to date, there are 49, 000 civil servants that have taken up personal loan but exceeded their ability to pay.
More than 3000 civil servants have been declared bankrupt.
These are no small number.
Here are a few observations:
1. When people are in desperate situation, they tend to cheat and lie.
2. Many people do not have a good financial management.
3. It seems that personal loan is easily approved by financial institutions?
4. It seems that when people are in need of money, the easy way out is to take debt. Is there any other solutions available?
5. In order to solve their immediate financial problem through personal loan, people sacrificed their future financial credibility (bankruptcy). Is it worth it?
6. Once you are in financial turmoil, it tend to spiral to more problems. Don't ever get into one.
Debt is a social and ideological construct, not a simple economic fact.
~ Noam Chomsky ~
Reference:
http://tefd.theedgemarkets.com/2017/TEP/20170505f3qqvp.pdf
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