Two months ago, I received an email and a notification through my CIMB app, informing me of the suspension of my account. It turned out that after reviewing my account, CIMB considered it to be high risk and decided to suspend it. I have been a loyal CIMB customer for almost four years now, and I have worked my way up from a low credit limit, as is customary for new customers in online lending. The process involves gradually increasing the credit limit based on responsible usage and repayment, which I did obviously.

Currently, I am nearing the completion of my CIMB Personal Loan with only two installments remaining. Throughout the nearly two years of paying it off, I have never missed a single payment. The outstanding balance is now approximately 3K. Additionally, I have a remaining balances of around 25K on my GCash GCredit and 37K on CIMB REVI.

I am well aware that accumulating debt to pay off debt is not a sound strategy. However, sometimes we find ourselves in situations where we have to make difficult choices. For instance, I pay the minimum amount on my GCash GCredit and then utilize it to cover monthly bills. In essence, the debt keeps piling up because the amount returned is immediately allocated to another round of expenses.

I suspect that this behavior has raised red flags for lending companies since it inevitably leads to a significant debt burden. The same principle applies to credit card companies. Maxing out your credit limit is always viewed negatively, and doing so rarely results in an increased credit limit. If a credit card company were to raise my limit, it is highly likely that I would end up utilizing the entire amount too.

Initially, I experienced a mix of anger and sadness because I had to find alternative means to cover my expenses after being unable to use GCredit. However, in retrospect, I am grateful for this experience as it has compelled me to reassess my spending habits. I have become more mindful of unnecessary expenses, such as impulsive purchases on platforms like Shopee, and instead focus on saving as much as possible to meet my financial obligations. It has also motivated me to explore additional income streams and reduce avoidable costs, like excessive consumption of fast food.

Ultimately, the suspension of my CIMB account was a bitter sweet experience. Nevertheless, looking on the bright side, I am genuinely grateful for the wake-up call it provided. I am confident that I will repay my debts to CIMB in due time and use this experience as a stepping stone towards better financial management.

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