ALOR STAR: Malaysians need to differentiate and set their priority right when it comes to needs and wants to prevent from falling into a debt trap.
Credit Counselling and Debt Management Agency (AKPK) Financial Education chief Nor Akmar Yaakub said it was paramount for the consumers to practice moderation by changing their spending habit and lifestyle.
“Consumers have to be more cautious on spending by being discipline and focus on small measures such as reducing the frequency of eating out,” she said after attending a briefing on credit counselling and debt management at state Integrity and Management Institute here today.
She said as of January this year, a total of 316,244 Malaysians have received counselling service from the agency and of that figure, 123,604 individuals had enlisted into debt management programme.
“In most cases, the main factors that led to financial problem were poor financial planning (22.6%), failure or slowdown in business (16.2%), high medical expenses (15.4%) and uncontrolled credit card usage (11%).
“The other factors were high cost of living (6.3%), others (5.7%), unexpected financial commitment (5.7 %), not stated (4.9%) death or loss of breadwinner (1.1%) and failed investment (1%),” she said.
-NST
