A netizen mentioned that about 50% of Malaysians are listed as ‘muflis’ which means bankrupt. The irony of the whole situation is that the cause is car loans. Malaysia, being a car dependent country, should be looked at as a surprise.
If you’re bankrupt, you’d be at risk of losing your assets to pay off the debt. One of the biggest drawbacks is you’d probably not be allowed to leave the country. You can’t open your own business or even get a job in the corporate world.
However, other netizens mentioned that it is not a surprise to them as a lot of their B40 friends purchased foreign cars at RM700 monthly instalments. Then they’d resort to taking extra loans to pay off their initial loan cost.
