This is a story shared by Hannah Verona, who successfully got out of credit card debt within 5 months.

I would like to share about my story. Last year I was unable to control my spending with credit cards and I even bought a new car with monthly payment rm1300.

My outstanding amount accumulated up to RM6000. My cash flow usually finished at middle of the month, forcing me to use more of my credit cards. I was tired with this same problem every month.

One day in February 2010, I saw an advertisement about a mentorship programme on how to make money and came to my hometown to have a talk. After listening to the talk, I immediately joined the programme, hoping it can help in my money problem.

A month later I went to KL to start the programme. It’s totally changed my mind about money. I learnt that I need to get out of my comfort zone and not to fear to move from being Employer (E) and Self -Employed (S) to Business Owners (B) and Investor(I). It’s Guts EQ.

So to get out of my comfort zone, I took baby steps by joining as a social network marketing as a reseller to learn because I don’t have any experience in selling. I did my financial statement and pay off all of my credit card debts in 5 months time and also learned to pay myself first before spending.

Now I have cash flow until end of the month with no credit card usage except for auto-bill payments. I also managed to rent out my two apartments to pay my monthly mortgage. It’s a good feeling when you can control of your financial situation.
The three main reasons I got into debt

  • Unexpected expenses such as medical bills,
  • Poor budget planning, and
  • large purchases such as refrigerator.

What is the three major changes (habit,strategy etc) that help me getting out of the mess

  • Strong desire to achieve financial freedom
  • Strong desire to finance my children’s university education
  • Learn to become a business owner

I hope that my short sharing can inspire other people about money.

Getting into debt is one of the financial traps most people fall into. It is no-doubt a bad experience that lets you learn good financial lessons. The turning point in Hannah’s financial life is the important seminar that changed her mindset thoroughly about money.

Speaking about seminar, just to inform you that we will open the MA$ course for second intake this month. Stay tuned for the news.


Personal finance author and trainer

    6 replies to "Getting out of Credit Card Debt within Five Months (Reader’s Story)"

    • Ms Hui

      Inspiring story. Talk about paying off loans, I am considering using Fixed Deposit money I saved from bonuses to pay off the balance of my housing loan of RM50+k, with such low FD interest rates now. My housing loan has 13 years to go, with 3% interest rate. Would be grateful for any adivce. Thanks.

    • Fel

      Hi I like to re-mortgage my house loan to settle my credit card debt. Please advice it is better to re-mortgage with the same housing loan bank or re-mortgage with other bankers ? with zero moving cost ? My current housing loan banker is AMBANK. Please advice which bank have better mortgage rate now. Thanks.

    • Mantra

      Such an inspiring post. My dad also did same problem. He advice me try not to use credit card and i’m still trying but sometimes credit card can be useful.

      • Smith

        credit card is like your dog, if u dont treat them well, they will bite u back… hehhehe. But if u do know how to use them, they can be men’s best friends.

    • ong yi

      If you never plan to pay off your ptptn loan, it implies that you are not a good planner financially. A wise planner will take in all the debts, including ptptn loan into budget but not to delay on whatsoever reason. Bear in mind that a bad habit will kill you. So, go and pay it off.

    • wm

      well done….(some of my younger collegues fresh out of uni, still have some PTPTN study debts with them, I ask them why don;t the clear all their loans and the excuse they give it’s that so many of their uni mates are not paying it, so why should they and they now spending $$$ on foreign holidays etc (thanks to Air Asia)..

      not a right footing to start with (I think)

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