KOTA BHARU, Feb 27 (Bernama) — The Kelantan Credit Counselling and Debt Management Agency (AKPK Kelantan) advises people to set goals, wishes and aspirations based on the understanding of the current financial situation to make better decisions in the future.
Acting head Siti Suhaila Ab Hamid said analysing cash flow is important to give an overview of income levels, expenses and lifestyle needs so that goals and financial position are in a comfortable state.
“When we make a financial checklist such as assets, liabilities and expenses, it can help track the financial journey by looking back at what needs to be improved and what has been done before.
“Good financial practices include identifying loan needs before making loans, spending according to budget, investing and increasing finances for this year and beyond,” he told Bernama at the AKPK Kelantan office here today.
Siti Suhaila said AKPK could also help people with debt problems through assistance in restructuring loans or financing from financial institutions that are under the supervision of Bank Negara Malaysia (BNM).
“Through this restructuring, loan repayment can be done and it will give new breath and peace of mind to the borrower due to a better financial position.
“Borrowers need to be proactive in managing their finances, especially before making financial commitments to avoid financial problems in the future,” she said.
She said losing control over debt due to serious indebtedness could affect credit records which could put pressure on borrowers, including legal action.
“Therefore, borrowers are advised to consult directly with a legitimate financial institution or come to AKPK in case of unmanageable financial problems so that the finances will be better.
AKPK is an agency set up by BNM in April 2006 to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit.
Since its inception until December last year, a total of 1.2 million individuals have sought AKPK’s advisory services and from that number, for the maximum 10-year participation period of the Debt Management Programme, over 400,000 individuals managed to control their finances amounting to RM2.4 billion.
Source: BERNAMA News Agency
