Here’s a reminder that while some things can become trendy overnight, the hype surrounding it can die down quickly too.
Chen, a 23-year-old man from Malaysia, had to learn that lesson the hard way.
Chen noticed the rise in demand for Pokémon cards and Labubu dolls — you know, the whimsical Pop Mart toys that took the world by storm early last year. Intending to take advantage of their popularity, Chen invested in a toy business venture, spending a considerable sum of money.
However, as the hype and demand for the collectibles died down, Chen ended up losing RM10,000 (S$3,000) in the venture.
According to media reports, he resorted to borrowing money from 14 different groups of loan sharks, accumulating almost RM30,000 (S$9,000) in loans.
Chen eventually turned to his parents for help, who could only partially repay his debts. They provided him with RM49,000 (S$14,700) to pay off 12 of the loan sharks.
However, according to reports, the remaining two loan shark groups are charging high interest rates on top of Chen’s original loan. While he originally borrowed RM1,000 (S$300) from each of them, one money lender is demanding that Chen return RM15,000 (S$4,500), while the other is asking for RM29,000 (S$8,700).
According to Malaysian media, Chen has been continuously harassed by the two groups of loan sharks. They’ve put up posters near his house, and have been threatening to splash red paint.
Chen has since reported his case to the police, reports said. The Malaysian Chinese Association (MCA) Public Services’ and Complaints Department chief, Michael Chong, has also been brought in to assist Chen with his situation.
Another thing to learn from Chen’s predicament? Don’t borrow money from loan sharks.
Photos: Chinapress, CNA