I received a credit card promo pack from Direct Access a couple of days ago. Direct Access has this collaboration thing going on with MIA so they are promoting this Direct Access - MIA credit card. I don't usually pay any attention to this type of mails, I just throw them away within seconds of opening them. But there's one part of the application form that caught my attention.
What? You only need to have a minimum pay of RM24k per annum to apply for a platinum card??? That means even a fresh grad earning RM2k a month can get his/her own platinum card! So NOT exclusive!
No wonder youngsters nowadays are nose-high in debt. With their own platinum card, it's almost like having a carte blanche to buy whatever you want even when you can't really afford it. It usually starts with a thinking that it's ok, I'll pay it off in stages. But guess what, when you have too much debt even paying installments can be a huge blow to your budget. You'll end up taking up another credit card or personal loan to pay for the first credit card, and when that doesn't work out you refinance the personal loan with a new loan. It's like hutang atas hutang atas hutang. Tak habis2.
I've seen friends getting into huge trouble with this rolling debt concept. Sudahnya bank jugak yang untung. Bila dah tak boleh cover, itu yang sampai pinjam along. Bila tak boleh bayar, ada yang kena rantai, kurung dalam dungeon, makan roti kering.. ish.. kesian. Muda2 dah hidup terseksa.
Money brings u up and down and round and round…