IN my previous article, I shared the impact of high credit card interest rate that many have overlooked and hence, overspent. We have one of the highest household debts in the region without including the unregulated loans from these “moneylenders”. Borrowing from unregulated moneylenders is like jumping from the frying pan into the fire. At first glance, it seems like the interest rate for the loan is 20%. It is learnt from the article that people usually borrow between RM1,000 and RM10,000 at an interest rate of 0.5% to 1% per day.

Source: The Star August 12, 2016 23:22 UTC