EPF as collateral will only worsen debts, says Dr Wee

USING their Employees Provident Fund (EPF) savings as collateral for bank loans is only likely to worsen the financial situation of the borrowers, said Datuk Seri Dr Wee Ka Siong.

This will bring more problems because the accumulated interest will be higher than the (average) fixed deposit rate of about 4%, said Dr Wee (BN-Ayer Hitam).