A blogger wrote:
I am the second child in my family.
My parents have 4 children in total and the youngest is 13 this year.
My parents have borrowed and accumulated the interest of up to $200k from 20 over different LS. Yes, my mum is foolish, but all was done out of her love for her children.
My parents CPF have been depleted to pay for the house they bought but there is still an outstanding amount of a few hundred thousand(5RF) and have to pay cash every month, on top of the expenses that they family spend, which is just barely enough.
Finally their saving have been depleted and friends and families shun from then, fearing that they might borrow more money, she borrowed from the LS to pay of her current debt, hoping to pay the LS asap, but interest compounded and her debt just skyrocketed, they derived a plan to lend from a LS to pay her current LS debt and hope to pay them slowly but it was just too much and they have to sell the house to pay for the LS payments and they rented a house from my aunt.
It was still insufficient to pay them all and the situation got worst when LSs refused to lend her any more money(coz of the plan they derived) and the amount totaled up to over 200k, which my parents have no ability to pay. The LS payments have to be paid but my parents’ income was just too little to pay them all without the help of another loan and my mother ended up not paying most of them.
They called day and night to pester my parents and sends threat sms to my family, they doped my mother into giving them our residential address and now, they are knocking at our door daily.
I was terrified at first, after learning about this but we are also the cause of her current problems. My mother told me that she would go to jail if we called the police and the LS would not let us off. She talked to us about her situation and told me the procedure to claiming death insurance L should anything happened to them.
The income my parents earn everyday is paid to LS leaving then penniless and they have less than 100$ with them and we are surviving thru bread and financial assistance in school. They still owes many payments from many different LS.
I don’t blame them but I feel that they are really silly to borrow $ from LS in the first place.
I really wish that someone could help my parents out of this situation L I know I am a little naïve to ask the people from this forum to help with monetary issues, especially such a large sum but even a little help would do…
I really want to help them but what could I do. Does anyone know any job I can take up to help to settle at least some of their debts? ( I have remedial lessons almost every day).
Although I felt a little fake about the story, but the general tone sounded bad.
Loan-sharks (LS) are just another type of bank. All banks behave exactly alike. They leech off every single energy resource that one has. Each energy resource is vital resource that you can commandeer for greater good of the family clan. You lose that you lose the family clan. The family will fall in disrepair. The next generation will suffer poor growth. So be very careful about loans.
I know many would ask the question how to do it without loans. There are enough things that don't require loans to start. It is allowed by Mother Nature. As long as you stay loan-less, you will be alright at all times. As a playing member of the 10 poker players, the hand will be in your absolute favour one day. That day will come silently without a hint. When that day arrives, rejoice but do think hard about others who are not as fortunate.
Since you don't borrow, nobody gets hurt, not even the lender. You will be so eco-friendly.
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