Article from BERNAMA dated 12 March 2014
KUALA LUMPUR, March 12 (Bernama) -- The Credit Counselling and Debt Management Agency (AKPK) has urged Malaysians to use its free financial literacy consultation service as one of the ways to tackle the increasing costs of living.
Its General Manager Corporate Services Division, Azman Hasim, said with the rising costs of living, Malaysians needed to plan their spending so as not to be burdened in the long run.
"With proper planning and spending they can also avoid being declared a bankrupt. Not many people know at what level of debt one has to reach before being declared a bankrupt. The answer is RM30,000.
"This is what many people don't know and we want to educate them. And it's free," he told reporters after the launch of Visa Financial Football here today.
Azman said financial literacy was important especially to those planning to buy a house.
"There are a few factors that need to be looked at before one proceed with the purchase so that it will not be a burden in the long run.
"The buyer first needs to know that with his earning, what kind of house he can buy. Nowadays a lot of people tend to buy things they do not need and end up in debts.
"Therefore AKPK aims to educate Malaysians at its 11 outlets nationwide plus 10 other participating banks," he said.
The agency also advised Malaysians to tailor their spending according to three categories: fixed expenses like car and house bills; variable expenses such as car maintenance; and, what do they want, for example, buying a new handphone.
Meanwhile, the agency today collaborated for the second time with Visa Worldwide Pte Ltd to deliver the financial education and give Malaysians a chance to win a trip to the Grand Final of the 2014 FIFA World Cup in Brazil.
The online competition is accessible via www.my.financialfootball.com as well as AKPK and bank partners' websites.
There are seven participants -- Aeon Credit Services, Bank Islam, BSN, Hong Leong Bank, Maybank, Public Bank and UOB.