Evolution: From 555 to The Plastic Card

I remembered those days when I was a young kid, my mum used to buy things from a sundry store nearby my house. They also made deliveries for big items like cooking oil, gas for stove, etc. The tauke (boss) would take his 555 book out and record the total purchases. Mum would only pay the total bill at the end of the month. During those days, using 555 as credit purchases are common. People use the 555 at the mamak, sundry shop, Chinese medicine hall et cetera.

As time passes, I don’t know whether is the trust between people has deteriorated or is the modern economy doesn’t allow this type of trading. The month end bill clearing from the 555 book is no longer in practice.

Now a new type of credit purchases take place – swipe the credit card. Yes, the easy application for credit card. Most urban folks have at least a piece of this credit card in hand. Unlike the 555, the little plastic card has wider usage.

Undeniable, the credit card gives many flexibility for the card holder in credit purchaser. Unlike the traditional 555 “hutang” (credit) method, the person much gain trust from the tauke to the credit facility. Bill must be clear each month or else the boss wouldn’t give more credit out.

In today competitive business world, getting a credit card is relatively easy. Once your card is approved, a person just need to pay the minimum amount per month and the credit continues to roll. Many youngest today falls into the pit of credit card, where the loan amount is too big, beyond their capacity to repay the loan. Rate of bankruptcy due to unpayable credit card loan is on the rise. Many people become the slave of the card, with income that barely enough to cover the minimum payment of the card(s) each month. And that’s the negative side of the new hutang method.