Is smacking the loan sharks and borrowers the answer?

There is this article in the paper about the police’s proposal to amend the Money Lending Act 1951 to penalise the borrowers who borrow money from illegal, unlicensed money lenders. We call it loan sharks or Ah Longs. If you don’t pay them the huge ransom of what they call interests, they will first paint your house red, then your puppy, then your wife and kids.

Firstly, does it make you wonder why most of these are Chinese? Why there are only Ah Long and no Sulong? I will tell you why. Our Muslims friends have this faith where they leave everything in the hands of God. You have heard, Rezeki tu Tuhan yang bagi? So good or bad, rich or poor, they surrender their fate to Allah. However, this is not the case some of the time because there are so many ‘Bayar Bulan’ scheme whereby people can buy a house including the furnitures, go for holidays and just practically do anything without paying a down payment. They will soon get into trouble as well.

But for most Chinese, their god is money. Like a certain young relative of mine. All 20 years old, with very little education, she thinks she can make it rich by being some lamb berger (spelling error intended) retailer. So, she borrowed from her father, money he had laboured for, she got the husband to borrow from the uncle…In the end? Kapish! Money gone, marriage gone, house mortgaged…zilch.

Do these sort of people learn? Nay…they will brush it off with the reasons that the stars aren’t aligned, fengshui not good, they prayed to the wrong god, Chinese zodiac not agreeable yadda yadda yadda and round the mulberry bush they go. Each time sinking deeper into the quicksands.

I feel many of us younger generation Chinese have lost our roots. The one where our forefathers worked hard in the hot sun to tap rubber, mining tin, become kuli…etc. Many feel they are all tycoons and Bill Gates in the making without taking a good look at themselves in the mirror. So, they got into gambling, shares trading and all sorts of get-rich-quick schemes. Many are lured into those business where they promise you ‘No need to work, just invest some money and sit back and see your money grows.’

So, do you think implementing the law is going to stop these people? Nay…now they are caught between the devil and the deep blue sea. It just means they will go die faster, whether to cut their wrists, kill all their children, stuff their car exhaust fume into their car and wait to run away to the netherworld. Oh ya, talk about the netherworld. I am pretty sure these screwed up people are going to believe that if their remaining relatives burn enough silver papers for them, it will elevate them from out of hell and into heaven as well. So, that’s why they run away to the netherworld. The great escape where they still get to eat boiled chicken on every 1st and 15th of the month.

The only way to stop the problem is for the majority of Chinese to stop and think. Work, never borrow and stop being so greedy. Religion is the answer.

19 thoughts on “Is smacking the loan sharks and borrowers the answer?

  1. Yeap, a senior also so-called ‘invested’ in the lame bugger thingy and thought that he will make big bucks in a few months (brainwashed by those buggers liao). Borrowed from his dad’s hard-earned money and relatives. Now what? End up working for Celcom for legal money when his 30K went kaput!

    But I don’t think he’s learnt the lesson yet. Kept aiming for that Ferari of his and talking nonsense (exactly like those recited by the buggers). Sigh!

    Some people just never learn…

  2. IMHO.
    Biggest loan-shark are the Banks, credit card! Approved by BNM, 24% interest per annum. 5xmom, so far we only see broken family because of heavy debt from loan shark. I know that there is many times more broken family because of Bank credit card/loans; except it is not reported in the media. Quite obvious : Banks are one of the biggest customer in media advertisement. The good news is, if these people know about the bankruptcy protection law, they can get temporary relief from the bank compound interest. Talk about law awareness.

    Get-rich-quick is a promoted trend. Didn’t you notice NONE of our leader are good example to follow? Most of them only show POWER and RICH as index. Even taking TunM as example, he is nothing but a leader more interest in building materialism legacy and a leader that don’t care about responsibilities policies, risk management. Such responsibilities mindset is very important of on financing. Actually most of these people overspend on credit card and borrow from loan shark lack responsibilities, aware the risk management.

    Be careful when your children model any the recent country leader.

    Actually Malays does not spare from the same problem. Especially urban low, mid-low income Malay. They have this hire purchase (the courtsMM) and credit card. When a Malay go glamorous, they are unstoppable (hint: TM TwinTower, King-Z palace). Those not lucky will stuck into heavy card debts or heavy hire purchase payment.

    Religions maybe part of the answer. IMHO, this problem cannot be solve with religions, but also with the help of strengthening traditional value, cultural teaching, human rights awareness, tax reformed.

  3. you know, actually the biggest numbers of borrowers not chinese. Chinese only borrows the biggest amount. hehehe….that why all kena.

  4. Serves ur brainless relative right for falling into the LB trp. Many fell, but never learn. As for the 30k, the games’s changed now. It’s going at 10k for a few packages. So, it still sums up to the same “investment” amount. So at the end, only the sucker loses. Haih…. watudu, they always NEVER learn. And also gives the company a bad name. Sometimes, it’s sickening when a good product and company is marred forever by the people who’s out there to make a quick percentage.

  5. actually that day, I saw on NTV7 some Kisah Benar (or something lidat) a lot of Malay (stall owners) folk borrow fm Uncle Ah Long leh…!!! so like Ah Pek say la..org cina borrow huge amts..so chi sin one!

  6. Good write. I really enjoy it. šŸ™‚

    To be honest, what we people really need (apart from GOd) is good financial management skills. I don’t care if you are smart people like doctors, lawyers, engineers, etc, that does not guarantee smart financial knowledge.

    Financial Management skill should be taught to our Secondary students. Forget about reaching for the stars and those feel-good BS. If you do not know how to handle wealth, it doesn’t matter how much you make.

    Like Moo-T said, I cringe at those stupid credit card advertisement deciphing how ‘cool’ and how much respect you commanded just becos u got that platinum card. That is so misleading.

  7. I think most Malaysians are naive & lazy. Partly caused by those who want to kerja senang hidup bertaraf. I take parents who are afraid of making their kids work hard & smart INDEPENDENTLY. Some mothers are the worst example. If kerja susah & tak larat, berhenti lor. This applies to ALL races.

  8. helen – Ya, stewpig gahmen relaxed the credit line so much, one day these will blow up and trust me, it can get racial cos Chinese memang very clever to get rich and the sufferings are the two races.

    wuching – Donch werry, God will find you. Or QV will. LOL.

    mott – Yalor, when they are bitten by the money bugs, their eyes glazed over and they no longer stop to think. Money is the root of all evil.

    samm – Yalor, now the MIL blamed her for causing all the family problems. Haih…people will never learn. If this is not IBS issues, I sure give all the sordid details liao.

    ah pek – Yakah, I thot only Chinese borrows. Now you tell me Bangla oso. So kesian them. Sometimes, I see them eat nasi kandar with chicken necks and lots of curry, I so sad. Got one time, I offered to buy a round of chicken for them (Myanmar workers) but they declined. Hahaha, sked, I ‘buy’ and ‘pau’ them or what.

    moo_t – Ya, all those stupid channels glamourise riches as the thing to aim for. Things can get dangerously out of control one day, just watch. Another recession, maybe? And glad you agree that religion will partly help. I don’t mean just Christianity or Islam, but a faith that teaches money is not everything.

    clare – So many untold tales, some featured but no one will believe.

    terence – Wuah, you hard call me aunty. This post extra inspiring issit?

  9. the part about “religion is the answer” strikes me. I think if you have a real religion (in my case, a good belief) you will understand the old saying “you reap what you sow”. There is really seldom free lunch in this world, and only lazy ones or daring ones will wait for more free lunches… and only very few will success, since they step on multitudes who did not make it.

    thanks for the post. enlightening man… i felt like a new person šŸ™‚

  10. Couldn’t agree with you more. Sometimes we just have to work hard for our money, then we will truely appreciate its value. We should be the master of our money and not let money control us.

  11. no la

    religion is not necessarily the answer to everything

    people have to learn how to think long term and to work hard to achieve their goals instead of chasing dreams of overnight riches.

    no matter whether you believe in god, or believe in dogs, as long as you don’t believe in becoming rich overnight you’ll be fine.

    as for people who get conned and all, too bad for them. it’s pretty good actually, if there are no idiots around then how to make money?

    yes. banks are con jobs when it comes to interest rates and all, so be careful with your credit card and always refinance your housing loan for a lower rate when possible. forget about being loyal to a bank, there is no such thing as the bank doesn’t care about you.

  12. tres – Yalor, the bank quiet-quiet increase the interests if we are not careful. We are just caught on that. Might as well pay off the home loan.

    Mae – The Bible’s verse that struck me most is how money and God lies on different ends.

    terence – Money face.

    wahlau – Wahlau eh.

  13. Duit kopi mali….satu lagi lubang . Pls take note after 15/02/2007 traffic summons Rm300.00 for major offences..speeding ,overtaking double lines , traffic lights. ..no appeals.

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