If you are new to my blog, it is imperative that you read the 3 articles below before you proceed to read the rest of the contents on 0% Installment Plans and/or 0% 12 months Balance Transfer Plan.
The above article was first published close to a decade ago at my blogspot and republished here at my dotcom site in 2015!! Those who have understood the contents then, he/she today should not have any stress due to his/her financial position. However, those who are after shiok sendiri sensations have no one to blame but themselves for wasting years of opportunity to save money and accumulating wealth for their retirement.
Many of my followers and I have learned that it is not that smart to opt for 0% Instalment Plan as it gives us the false impression that we have more money than we should (because our bank account still shows the money that is to be used to pay the debt) and eventually spend more!
The above article on Balance Transfer was published in 2016 to teach my readers about Balance Transfer, most of the promotions stated (if any) are no longer applicable but the main points are still valid.
For more than a decade, the banks (credit card issuers) in Malaysia are super generous where they will offer to convert anything that you have purchased with your credit card and convert it to 0% Installment Plans or 0% Balance Transfer Plans.
In respect to the above, the banks are not stupid to offer you 0% loan. If the above 0% Loan products have not been making them money, they would not be offering it for years!
In actual fact, 0% Installment Plans are traps to entice credit card holders to spend beyond their means.
As for 0% Balance Transfer, most people who perform these are those who are in the shit hole of debt and if they continue to use their credit cards, they will most probably can’t pay in full when the payment in due and eventually be deeper in debt!
I have not been promoting 0% Installment Plans or 0% Balance Transfer Plans for years because they are debt instruments. And many who did sign up for the 0% Installment Plans regretted as they found out the it is no “fun” having to have debts/liabilities. And more importantly, 0% Installment Plan gives us the false impression that we have more money than we should.
Having said the above, many of my followers who have been taught, by yours truly, do utilize 0% Installment Plans or 0% Balance Transfer on “huge” purchases to earn some pocket money. So this article is to benefit those who have discipline in controlling their spending and keeping track of every single sen they save – a penny saved is a penny earned.