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M’sian Fresh Grad Earns RM5k, Ends Up Having RM20k Credit Card Debt After Buying A Honda

He'd only be left with RM100 monthly after paying the bills & debt.
For many young people, achieving financial independence is a major goal. It means having a stable income and living comfortably. But amidst the excitement of newfound financial freedom, it’s important to handle money wisely to secure your future.

This story follows one person’s journey overcoming financial difficulties, offering hope and inspiration to others in similar situations.

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Not to mention, earning a monthly income exceeding RM5,000 is a noteworthy achievement to some of them. Yet, it’s all too easy to succumb to the temptations of instant gratification, as shared by this one young man on a Facebook post. Caught up in the desire for luxury and material things, he got trapped in a cycle of debt.

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Earning RM5k a month feels like a luxury especially when you are single

Honda car (black)
For illustration purposes only. Photo via Canva

The tale starts with the excitement of financial freedom.

As a new graduate, he enjoys his RM5,000 monthly salary. Wanting to feel successful, he quickly buys a fancy car with a bank loan, diving into debt.

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“I don’t earn much, but as a new graduate and single, making RM5,000 monthly feels like a luxury. In less than a year of working, I got a loan for a fully loaded H brand car, paying about RM1,200 to the bank every month.”


“This wasn’t a big issue because I’m single and only responsible for my parents. Whenever I visited my hometown, I’d treat my parents generously, which made me feel content.”

“Then, I thought I should get a credit card, to feel like I had more money and live a bit fancier. I ended up with two credit cards, each with a RM6,000 limit,” he explained.

‘I was left with only RM100 for food and expenses for the month’

Man holding ringgit notes
For illustration purposes only. Photo via Canva

Even though he felt secure at first, he soon face financial disaster, drowning in RM20,000 debt and running out of money.


“Each time I got my salary, after paying my bills, I was left with only RM100 for food and other expenses for the month. I felt lost and didn’t know what to do,” he admitted.

But in the midst of his troubles, he finds a ray of hope—a realisation of his financial mistakes and a strong desire to fix them.

He reflects on his actions and learn from others who have been in the same situation. With newfound knowledge and determination, he starts the journey to regain control of their finances, taking it one step at a time.

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“I learned a lot from the experts in the group without borrowing more money. Instead, I worked multiple jobs to pay off all my debts.

“Since I had a new car, I started driving part-time for e-hailing. I wasn’t concerned about how much I made per day. the goal was to cover the car’s fuel, have extra for groceries, and pay off debts.

“It was exhausting. After my regular job, I kept driving for e-hailing,” he explained.

He finally managed to pay off all his RM20k credit card debts

Cut credit/debit cards with scissor
For illustration purposes only. Photo via Canva

Throughout his journey, he humbly learns from his mistakes and starts living frugally, focusing all his resources on paying off debt. With relentless effort, he slowly but surely makes progress, getting closer to financial freedom every day.

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Thanks to his hard work, he now managed to pay off all their credit card debts, which totalled over RM20,000.

“I’m grateful to God for helping me pay off all my credit card debts. I’ve closed both cards.

“So, this month’s salary will be enough for me, just like when I first started working. I won’t need any part-time jobs anymore, and I’ll have plenty of time to relax.

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“Being in debt like that was really tough. I’ve learned to live a simple life and keep a calm heart. From now on, I’ll focus on saving money, and if I have spare time, I’ll do e-hailing to save more,” he concluded.

Being aware of finances at a young age is great

His story resonated with netizens, they admired how determined and strong-willed he was in getting their finances back on track. A lot of them praised his for taking charge of his situation and stressed how crucial it is to learn about money management early in life.

Netizen comment
Screenshot via Fb/Muflis Bankrupt di Malaysia

One person said, “You’re fortunate to be single and avoid drowning in debt. Save any extra money by setting up automatic transfers to a unit trust each month.”

Netizen comment
Screenshot via Fb/Muflis Bankrupt di Malaysia

Another person added, “Being aware of finances at a young age is great. It’ll prepare you for leading a family in the future. Congratulations and thanks to God.”

Read the full post here.

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