Nowadays, people are influenced by social media, and YOLO (You Only Live Once) concepts doctrine, indirectly grows the poor financial management concepts. For example, when a man and woman got married, they had a luxurious wedding for the sake of face. After marriage, they had to pay the debts left by the wedding and faced a financial crisis. So poor financial management concepts coupled with hedonism have caused many people to fall into financial difficulties.

Data show that from 2014 to 2018, 90,000 people across the country declared bankruptcy. The main reasons for bankruptcy are personal loans, car loans, mortgages, and credit cards. In many cases, business failure or unemployment are important factors. Coupled with improper credit card management, even if you owe the bank more than ten thousand at the beginning, but if you don’t pay it back, your debts will become bigger and bigger under interest. In Malaysia, as long as the debt exceeds RM50,000, the bank can sue you for bankruptcy.

Before being sentenced to bankruptcy, you can ask the Credit Counseling and Debt Management Agency (AKPK) affiliated with the National Bank for help. AKPK intervened in negotiations with the bank, and debtors can be allowed to extend the amortization period, and reduce the annual interest of the card debt from 18% to 8%. The bank is not afraid that you will give less, but most afraid that you will not repay the money. AKPK can help you ease your financial situation immediately. At least you don’t have to receive a life-threatening call from the bank every day, you can refocus on your work and find a new way out, earning more money on the one hand, and paying it back on the other.