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Tuesday, October 4, 2022
HomeSocial News"Don't purchase something you can't afford" M'sian shares story of a couple...

“Don’t purchase something you can’t afford” M’sian shares story of a couple falling into debt trap after purchasing a Honda BR-V

There are many things to consider before you get yourself a brand new car and one of them is to decide and plan your repayment schedule.

Recently, a TikTok user, who works as a bank officer, shared how a couple fall into the debt trap and is struggling to repay the loan after purchasing a car.

In a video, she explains that a majority of loan applications she receives these days are from youths who are earning about RM2,500 a month but purchasing cars worth RM90,000. She then expressed her concerns about the financial situation of these youths.

“Youths who are earning RM2,500 a month but are already applying for full loans for Honda cars,” she wrote in the caption of the video.

She also shared a story about her customer who wanted to purchase a Honda BR-V car which is priced at around RM87,000 even though the couple’s monthly household income was only RM5,400 about 2 years ago.

She said the couple had a household income of about RM5,400 but they have 2 children aged 3 to 4 years old.

In addition, the couple has a high monthly commitment that includes the house rental and their children’s kindergarten tuition fees.

Source: Philkotse

“Today, I was surprised that the couple called up to reschedule the loan because they could not afford to pay the monthly instalment,” she said.

According to the user, she had advised the couple to consider it again before deciding on making the purchase but the couple did not heed her advice.

“At that time, I tried educating them as much as possible and requested them to reconsider because after deducting the existing commitment, the balance of their household income was just enough to purchase food,” she said.

However, the husband insisted that they have enough to pay for the monthly instalments and said, “If I can’t afford it, I won’t be buying the car. I am only buying it because I can afford to.”

To make things worse, the couple is applying for a full loan, which is not encouraged.

Worrying that the same would happen to others, the user advised the public to consider their needs and wants before purchasing something. She also said that we should have savings for emergency times too.

What do you think about this? Share your thoughts!

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