High Pay Does Not Guarantee Financial Resilience

Su Ling was in her mid-30s when she progressed up the ranks fairly well in a marketing firm in downtown KL. Although she was living modestly, she had big dreams. However, she never let work got in the way of her family. Su Ling felt indebted to her parents for all that they had taught her in life, and for that, made it her main priority to look after her ageing parents especially then when she could afford to do so. With her life in order and her parents being looked after well thanks to her high pay cheque, financial difficulty was something that Su Ling had not expected.

Tragedy first struck when Su Ling’s mother was diagnosed with kidney failure. As her mother’s condition worsened, dialysis treatment became a necessity. Desperate for any form of monetary assistance, she looked into different avenues to fund her mother’s medical treatment. However, all her efforts were met with a dead end. She was unable to attain subsidies neither from the government nor from any NGOs. Hospital and medical bills became hers to bear as her father was retired and had very little savings as he approached his golden years. With dialysis and hormone therapy costing RM6,000-00 a month, not to mention her mother’s surgery expenses, the bulk of her salary went to financing medical bills.

Five (5) years into her mom’s treatment, Su Ling’s father was then diagnosed with lung cancer. She could not believe the situation she was in. It felt as though the world around her had crumbled. She didn’t know who to turn to, and for the first time in her life, she felt helpless. She knew that the medical costs would potentially double as chemotherapy was needed to battle the cancer. Within months, medical bills for both her parents soared, resulting in a tremendous financial strain on Su Ling. She was forced to work odd jobs over the weekends just to earn a little extra. Even then she was just able to make ends meet and had no extra money for other expenses. Su Ling was aware of her inability to maintain paying for her parents’ medical expenses much longer with the pay she was getting. However, for Su Ling, all that was incomparable to Su Ling’s fear of possibly losing two most important people in her life.

Unable to support herself and finance both her parents’ medical bills with her current earnings any longer—further aggravated by the fact that both parents had no insurance— she found herself in dire need of financial assistance. Su Ling took the easy way out and turned to the number one cause of debt—credit cards. She applied for several cards knowing full well the consequences of her actions and the amount of debt she could be in. Nevertheless, she had no choice as she had to find a way to finance both her parents’ medical bills.

The condition of her parents slowly deteriorated and she lost both of them in the same year. The loss left Su Ling devastated. She could not believe that all her efforts met with such a depressing end. On top of that, Su Ling was left with the burden of servicing the debt she had accumulated. As help from her family members did not suffice, Su Ling finally sought the counsel of AKPK.

AKPK counsellor negotiated with the bank on the interest and penalty charges. The outstanding balance totaling RM500,000 on her five (5) credit cards were restructured in such a way that it allowed Su Ling an affordable minimal monthly payment to service the debt with some interest waived. The negotiations also resulted in the bank lowering Su Ling’s monthly payments by almost 50%. Su Ling was thankful that finally, after the last 10 years of financial stress, she was able to relax and get on with her life.

Is Su Ling’s story similar to yours, or do you know someone sharing the same circumstances? Seek help early to avoid further financial stress. Call AKPK at 03-2616 7766.

AKPK, sahabat kewangan anda.