Artikel dari Berita Harian, 12 Jun 2014
>> Sediakan pelan persaraan kedua, tambah aset elak masalah kewangan pada hari tua
Meniti usia emas, lazimnya tidak ada yang apa diinginkan kecuali hidup bahagia bersama pasangan dan bebas daripada bebanan hutang-piutang sebaik saja sudah pencen.
Realitinya, tidak semua gembira selepas bersara kerana sesetengahnya perlu melangsaikan banyak hutang bank. Pada usia itu, kudrat terbatas dan tidak produktif lagi untuk bekerja, malah mungkin tiada majikan sudi menggaji mereka.
Ketika itulah kesal kerana tidak membuat perancangan kewangan kerana menjangkakan simpanan dalam Kumpulan Wang Simpanan Pekerja (KWSP) mencukupi.
Mengikut anggaran caruman KWSP hanya bertahan sekitar lima hingga enam tahun saja.
Anggaran itu jika caruman KWSP berjumlah RM150,000 dengan purata perbelanjaan RM2,000 sebulan. Jumlah itu pula hanya mampu menampung usia sehingga 60 tahun, sedangkan jangka hayat lelaki Malaysia ialah 70 tahun manakala wanita 75 tahun.
Dalam keadaan sekarang, individu perlu terus bekerja walaupun sudah bersara berikutan lebih 50 peratus pekerja di kebanyakan negara menghadapi masalah kewangan.
Rancang kewangan
Agensi Kaunseling dan Pengurusan Kredit (AKPK) adalah agensi yang ditubuhkan Bank Negara Malaysia (BNM) bagi memberi perkhidmatan pendidikan, kaunseling kewangan dan program pengurusan kredit.
Ini bagi membolehkan masyarakat menguruskan hutang dengan bijak sekali gus memastikan sektor isi rumah mendapatkan nasihat, bantuan berhubungan kewangan dan pengurusan kredit.
Menerusi agensi ini, ia diharap membimbing peminjam dan orang ramai memahami penyelesaian masalah kewangan dengan baik. Agensi terbabit menyediakan perkhidmatan seperti pendidikan kewangan termasuk kemahiran pengurusan asas kewangan. Program itu termasuk taklimat dan penerangan kepada kumpulan sasaran.
Program POWER pula yang dianjurkan AKPK dilihat membantu meningkatkan keyakinan dan kebolehan individu membuat keputusan kewangan dengan cekap bagi menggalakkan perbelanjaan yang bijak.
Sejak beroperasi pada April tahun 2006, selain beribu pejabat di Kuala Lumpur, AKPK juga dibuka di Pulau Pinang, Johor Bahru, Kuching, Kota Kinabalu, Melaka, Ipoh, Kuantan, Kuala Terengganu, Alor Setar dan Kota Bharu.
Menabung dari awal
Pengurus Jabatan Pendidikan Kewangan AKPK, Nor Akmar Yaakub, berkata perkara pertama yang perlu dilakukan sebaik menerima gaji adalah mengasingkan 10 peratus gaji sebagai simpanan.
“Ini bagi mengelakkan perbelanjaan di luar kemampuan dan usaha menyimpan untuk hari tua perlu dilakukan awal sebelum mencapai had umur persaraan.
“Jika kita merakan wang KWSP tidak mencukupi untuk menampung kos persaraan, kota harus bertindak segera merancang persaraan termasuk mencari pendapatan pasif.
“Perancangan ini penting kerana apabila seseorang mula bersara, tidak lagi memperoleh pendapatan aktif dan sebaliknya banyak bergantung kepada pendapatan pasif namun lama-kelamaan ia menyusut,” katanya kepada Famili, baru-baru ini.
Jangan berbelanja mewah
Nor Akmar berkata, selain memulakan simpanan awal, seseorang perlu menguruskan hutang mereka dengan bijak termasuk tidak memanjakan diri dengan keluarga dengan sesuatu yang tidak penting.
“Misalnya, jika sudah bersara, tidak perlu menukarkan kenderaan yang lebih mewah, berbelanja besar untuk perkahwinan anak menerusi simpanan KWSP.
“Bayangkan jumlah RM150,000 itu hanya mampu bertahan sekitar lima tahun, sedangkan pada usia sebegitu, perbelanjaan perubatan juga perlu difikirkan sekiranya umur mereka masih panjang dan tidak mungkin lari daripada pelbagai penyakit,” katanya.
DMP bantu 105,560 pelanggan
Program pengurusan kredit (DMP) AKPK dilihat sebagai penyelesaian terbaik untuk pengurusan pembayaran hutang dan perbelanjaan hidup.
Nor Akmar berkata, mengikut statistik sehingga 31 Mac lalu, seramai 261,578 pelanggan mendapatkan perkhidmatan kaunseling dengan 105,560 daripadanya dibantu menerusi DMP.
“Dalam kebanyakan kes, masalah dihadapi ialah faktor ketidakupayaan membayar balik pinjaman disebabkan perancangan kewangan lemah, tiada pendedahan pengurusan kewangan selain gemar berbelanja di luar kemampuan.
“Ada juga faktor diluar jangkaan seperti masalah kesihatan, kematian pasangan, kehilangan pekerjaan dan kegagalan perniagaan selain terpaksa menanggung anak cucu yang menghadapi perceraian,” katanya.
Artikel dari Berita Harian, 12 Jun 2014
>> Sediakan pelan persaraan kedua, tambah aset elak masalah kewangan pada hari tua
Meniti usia emas, lazimnya tidak ada yang apa diinginkan kecuali hidup bahagia bersama pasangan dan bebas daripada bebanan hutang-piutang sebaik saja sudah pencen.
Realitinya, tidak semua gembira selepas bersara kerana sesetengahnya perlu melangsaikan banyak hutang bank. Pada usia itu, kudrat terbatas dan tidak produktif lagi untuk bekerja, malah mungkin tiada majikan sudi menggaji mereka.
Ketika itulah kesal kerana tidak membuat perancangan kewangan kerana menjangkakan simpanan dalam Kumpulan Wang Simpanan Pekerja (KWSP) mencukupi.
Mengikut anggaran caruman KWSP hanya bertahan sekitar lima hingga enam tahun saja.
Anggaran itu jika caruman KWSP berjumlah RM150,000 dengan purata perbelanjaan RM2,000 sebulan. Jumlah itu pula hanya mampu menampung usia sehingga 60 tahun, sedangkan jangka hayat lelaki Malaysia ialah 70 tahun manakala wanita 75 tahun.
Dalam keadaan sekarang, individu perlu terus bekerja walaupun sudah bersara berikutan lebih 50 peratus pekerja di kebanyakan negara menghadapi masalah kewangan.
Rancang kewangan
Agensi Kaunseling dan Pengurusan Kredit (AKPK) adalah agensi yang ditubuhkan Bank Negara Malaysia (BNM) bagi memberi perkhidmatan pendidikan, kaunseling kewangan dan program pengurusan kredit.
Ini bagi membolehkan masyarakat menguruskan hutang dengan bijak sekali gus memastikan sektor isi rumah mendapatkan nasihat, bantuan berhubungan kewangan dan pengurusan kredit.
Menerusi agensi ini, ia diharap membimbing peminjam dan orang ramai memahami penyelesaian masalah kewangan dengan baik. Agensi terbabit menyediakan perkhidmatan seperti pendidikan kewangan termasuk kemahiran pengurusan asas kewangan. Program itu termasuk taklimat dan penerangan kepada kumpulan sasaran.
Program POWER pula yang dianjurkan AKPK dilihat membantu meningkatkan keyakinan dan kebolehan individu membuat keputusan kewangan dengan cekap bagi menggalakkan perbelanjaan yang bijak.
Sejak beroperasi pada April tahun 2006, selain beribu pejabat di Kuala Lumpur, AKPK juga dibuka di Pulau Pinang, Johor Bahru, Kuching, Kota Kinabalu, Melaka, Ipoh, Kuantan, Kuala Terengganu, Alor Setar dan Kota Bharu.
Menabung dari awal
Pengurus Jabatan Pendidikan Kewangan AKPK, Nor Akmar Yaakub, berkata perkara pertama yang perlu dilakukan sebaik menerima gaji adalah mengasingkan 10 peratus gaji sebagai simpanan.
“Ini bagi mengelakkan perbelanjaan di luar kemampuan dan usaha menyimpan untuk hari tua perlu dilakukan awal sebelum mencapai had umur persaraan.
“Jika kita merakan wang KWSP tidak mencukupi untuk menampung kos persaraan, kota harus bertindak segera merancang persaraan termasuk mencari pendapatan pasif.
“Perancangan ini penting kerana apabila seseorang mula bersara, tidak lagi memperoleh pendapatan aktif dan sebaliknya banyak bergantung kepada pendapatan pasif namun lama-kelamaan ia menyusut,” katanya kepada Famili, baru-baru ini.
Jangan berbelanja mewah
Nor Akmar berkata, selain memulakan simpanan awal, seseorang perlu menguruskan hutang mereka dengan bijak termasuk tidak memanjakan diri dengan keluarga dengan sesuatu yang tidak penting.
“Misalnya, jika sudah bersara, tidak perlu menukarkan kenderaan yang lebih mewah, berbelanja besar untuk perkahwinan anak menerusi simpanan KWSP.
“Bayangkan jumlah RM150,000 itu hanya mampu bertahan sekitar lima tahun, sedangkan pada usia sebegitu, perbelanjaan perubatan juga perlu difikirkan sekiranya umur mereka masih panjang dan tidak mungkin lari daripada pelbagai penyakit,” katanya.
DMP bantu 105,560 pelanggan
Program pengurusan kredit (DMP) AKPK dilihat sebagai penyelesaian terbaik untuk pengurusan pembayaran hutang dan perbelanjaan hidup.
Nor Akmar berkata, mengikut statistik sehingga 31 Mac lalu, seramai 261,578 pelanggan mendapatkan perkhidmatan kaunseling dengan 105,560 daripadanya dibantu menerusi DMP.
“Dalam kebanyakan kes, masalah dihadapi ialah faktor ketidakupayaan membayar balik pinjaman disebabkan perancangan kewangan lemah, tiada pendedahan pengurusan kewangan selain gemar berbelanja di luar kemampuan.
“Ada juga faktor diluar jangkaan seperti masalah kesihatan, kematian pasangan, kehilangan pekerjaan dan kegagalan perniagaan selain terpaksa menanggung anak cucu yang menghadapi perceraian,” katanya.
Jun 12, 2014 | financialmanagement
Artikel dari Berita Harian, 12 Jun 2014
>> Sediakan pelan persaraan kedua, tambah aset elak masalah kewangan pada hari tua
Meniti usia emas, lazimnya tidak ada yang apa diinginkan kecuali hidup bahagia bersama pasangan dan bebas daripada bebanan hutang-piutang sebaik saja sudah pencen.
Realitinya, tidak semua gembira selepas bersara kerana sesetengahnya perlu melangsaikan banyak hutang bank. Pada usia itu, kudrat terbatas dan tidak produktif lagi untuk bekerja, malah mungkin tiada majikan sudi menggaji mereka.
Ketika itulah kesal kerana tidak membuat perancangan kewangan kerana menjangkakan simpanan dalam Kumpulan Wang Simpanan Pekerja (KWSP) mencukupi.
Mengikut anggaran caruman KWSP hanya bertahan sekitar lima hingga enam tahun saja.
Anggaran itu jika caruman KWSP berjumlah RM150,000 dengan purata perbelanjaan RM2,000 sebulan. Jumlah itu pula hanya mampu menampung usia sehingga 60 tahun, sedangkan jangka hayat lelaki Malaysia ialah 70 tahun manakala wanita 75 tahun.
Dalam keadaan sekarang, individu perlu terus bekerja walaupun sudah bersara berikutan lebih 50 peratus pekerja di kebanyakan negara menghadapi masalah kewangan.
Rancang kewangan
Agensi Kaunseling dan Pengurusan Kredit (AKPK) adalah agensi yang ditubuhkan Bank Negara Malaysia (BNM) bagi memberi perkhidmatan pendidikan, kaunseling kewangan dan program pengurusan kredit.
Ini bagi membolehkan masyarakat menguruskan hutang dengan bijak sekali gus memastikan sektor isi rumah mendapatkan nasihat, bantuan berhubungan kewangan dan pengurusan kredit.
Menerusi agensi ini, ia diharap membimbing peminjam dan orang ramai memahami penyelesaian masalah kewangan dengan baik. Agensi terbabit menyediakan perkhidmatan seperti pendidikan kewangan termasuk kemahiran pengurusan asas kewangan. Program itu termasuk taklimat dan penerangan kepada kumpulan sasaran.
Program POWER pula yang dianjurkan AKPK dilihat membantu meningkatkan keyakinan dan kebolehan individu membuat keputusan kewangan dengan cekap bagi menggalakkan perbelanjaan yang bijak.
Sejak beroperasi pada April tahun 2006, selain beribu pejabat di Kuala Lumpur, AKPK juga dibuka di Pulau Pinang, Johor Bahru, Kuching, Kota Kinabalu, Melaka, Ipoh, Kuantan, Kuala Terengganu, Alor Setar dan Kota Bharu.
Menabung dari awal
Pengurus Jabatan Pendidikan Kewangan AKPK, Nor Akmar Yaakub, berkata perkara pertama yang perlu dilakukan sebaik menerima gaji adalah mengasingkan 10 peratus gaji sebagai simpanan.
“Ini bagi mengelakkan perbelanjaan di luar kemampuan dan usaha menyimpan untuk hari tua perlu dilakukan awal sebelum mencapai had umur persaraan.
“Jika kita merakan wang KWSP tidak mencukupi untuk menampung kos persaraan, kota harus bertindak segera merancang persaraan termasuk mencari pendapatan pasif.
“Perancangan ini penting kerana apabila seseorang mula bersara, tidak lagi memperoleh pendapatan aktif dan sebaliknya banyak bergantung kepada pendapatan pasif namun lama-kelamaan ia menyusut,” katanya kepada Famili, baru-baru ini.
Jangan berbelanja mewah
Nor Akmar berkata, selain memulakan simpanan awal, seseorang perlu menguruskan hutang mereka dengan bijak termasuk tidak memanjakan diri dengan keluarga dengan sesuatu yang tidak penting.
“Misalnya, jika sudah bersara, tidak perlu menukarkan kenderaan yang lebih mewah, berbelanja besar untuk perkahwinan anak menerusi simpanan KWSP.
“Bayangkan jumlah RM150,000 itu hanya mampu bertahan sekitar lima tahun, sedangkan pada usia sebegitu, perbelanjaan perubatan juga perlu difikirkan sekiranya umur mereka masih panjang dan tidak mungkin lari daripada pelbagai penyakit,” katanya.
DMP bantu 105,560 pelanggan
Program pengurusan kredit (DMP) AKPK dilihat sebagai penyelesaian terbaik untuk pengurusan pembayaran hutang dan perbelanjaan hidup.
Nor Akmar berkata, mengikut statistik sehingga 31 Mac lalu, seramai 261,578 pelanggan mendapatkan perkhidmatan kaunseling dengan 105,560 daripadanya dibantu menerusi DMP.
“Dalam kebanyakan kes, masalah dihadapi ialah faktor ketidakupayaan membayar balik pinjaman disebabkan perancangan kewangan lemah, tiada pendedahan pengurusan kewangan selain gemar berbelanja di luar kemampuan.
“Ada juga faktor diluar jangkaan seperti masalah kesihatan, kematian pasangan, kehilangan pekerjaan dan kegagalan perniagaan selain terpaksa menanggung anak cucu yang menghadapi perceraian,” katanya.
Artikel dari Berita Harian, 12 Jun 2014
Bagi ibu tiga cahaya mata, Amila, 29, beliau memulakan simpanan untuk semua anaknya menerusi pelaburan insurans sebagai persediaan jika berlaku perkara tidak diingini.
“Ketiga-tiga anak saya yang berusia enam bulan dan enam tahun masing-masing mempunyai polisi insurans selain menikmati pertambahan daripada dividen setiap tahun.
“Keadaan ini mendidik saya mengurus kewangan keluarga sekali gus membantu merancang perbelanjaan dan tidak boros berbelanja,” katanya.
Urus secara berhemah
Amila berkata, simpanan untuk kecemasan juga penting selain memperuntukkan jumlah tertentu dalam saham amanah untuk menambah aset.
“Saya mengunjungi AKPK untuk mendapatkan rundingan kewangan supaya berupaya menguruskan perbelanjaan dengan lebih berhemah. Ramai orang beranggapan mereka yang berkunjung agensi ini menghadapi masalah kewangan, sebenarnya tidak,” katanya.
Beli amanah saham
Sementara itu, Mona, 35, berkata sejak tamat pengajian di universiti, beliau dan seorang rakan baiknya berikrar untuk memperoleh sejumlah tabungan.
“Misalnya, pada usia 25 tahun, saya membeli rumah dan kereta. Saya berjaya laksanakan. Tabungan digunakan sebagai pendahuluan rumah dan kereta.
“Saya juga menetapkan 20 peratus daripada gaji saya dimasukkan dalam amanah saham dan dividennya setiap tahun tidak diambil sebagai pelan persaraan kedua selepas KWSP,” katanya.
Mona berkata, tujuannya simpanan itu adalah sebagai perancangan kewangan jangka pendek dan jangka panjang memandangkan usianya masih muda.
Artikel dari Berita Harian, 12 Jun 2014
Bagi ibu tiga cahaya mata, Amila, 29, beliau memulakan simpanan untuk semua anaknya menerusi pelaburan insurans sebagai persediaan jika berlaku perkara tidak diingini.
“Ketiga-tiga anak saya yang berusia enam bulan dan enam tahun masing-masing mempunyai polisi insurans selain menikmati pertambahan daripada dividen setiap tahun.
“Keadaan ini mendidik saya mengurus kewangan keluarga sekali gus membantu merancang perbelanjaan dan tidak boros berbelanja,” katanya.
Urus secara berhemah
Amila berkata, simpanan untuk kecemasan juga penting selain memperuntukkan jumlah tertentu dalam saham amanah untuk menambah aset.
“Saya mengunjungi AKPK untuk mendapatkan rundingan kewangan supaya berupaya menguruskan perbelanjaan dengan lebih berhemah. Ramai orang beranggapan mereka yang berkunjung agensi ini menghadapi masalah kewangan, sebenarnya tidak,” katanya.
Beli amanah saham
Sementara itu, Mona, 35, berkata sejak tamat pengajian di universiti, beliau dan seorang rakan baiknya berikrar untuk memperoleh sejumlah tabungan.
“Misalnya, pada usia 25 tahun, saya membeli rumah dan kereta. Saya berjaya laksanakan. Tabungan digunakan sebagai pendahuluan rumah dan kereta.
“Saya juga menetapkan 20 peratus daripada gaji saya dimasukkan dalam amanah saham dan dividennya setiap tahun tidak diambil sebagai pelan persaraan kedua selepas KWSP,” katanya.
Mona berkata, tujuannya simpanan itu adalah sebagai perancangan kewangan jangka pendek dan jangka panjang memandangkan usianya masih muda.
Jun 12, 2014 | financialmanagement
Artikel dari Berita Harian, 12 Jun 2014
Bagi ibu tiga cahaya mata, Amila, 29, beliau memulakan simpanan untuk semua anaknya menerusi pelaburan insurans sebagai persediaan jika berlaku perkara tidak diingini.
“Ketiga-tiga anak saya yang berusia enam bulan dan enam tahun masing-masing mempunyai polisi insurans selain menikmati pertambahan daripada dividen setiap tahun.
“Keadaan ini mendidik saya mengurus kewangan keluarga sekali gus membantu merancang perbelanjaan dan tidak boros berbelanja,” katanya.
Urus secara berhemah
Amila berkata, simpanan untuk kecemasan juga penting selain memperuntukkan jumlah tertentu dalam saham amanah untuk menambah aset.
“Saya mengunjungi AKPK untuk mendapatkan rundingan kewangan supaya berupaya menguruskan perbelanjaan dengan lebih berhemah. Ramai orang beranggapan mereka yang berkunjung agensi ini menghadapi masalah kewangan, sebenarnya tidak,” katanya.
Beli amanah saham
Sementara itu, Mona, 35, berkata sejak tamat pengajian di universiti, beliau dan seorang rakan baiknya berikrar untuk memperoleh sejumlah tabungan.
“Misalnya, pada usia 25 tahun, saya membeli rumah dan kereta. Saya berjaya laksanakan. Tabungan digunakan sebagai pendahuluan rumah dan kereta.
“Saya juga menetapkan 20 peratus daripada gaji saya dimasukkan dalam amanah saham dan dividennya setiap tahun tidak diambil sebagai pelan persaraan kedua selepas KWSP,” katanya.
Mona berkata, tujuannya simpanan itu adalah sebagai perancangan kewangan jangka pendek dan jangka panjang memandangkan usianya masih muda.
Article in The Edge, 19 May 2014
KUALA LUMPUR: The number of individuals declared bankrupt rose a staggering 32% year-on-year (y-o-y) in the first quarter (1Q14) to about 6,480 cases, raising the question of whether the rising cost of living is pushing ever more past the breaking point.
There were about 4,910 bankruptcy cases registered in the first quarter last year, according to the Legal Affairs Division’s 2013 annual report.
The statistic for 1Q14 translates into about 72 cases per day, up from 55 in 1Q13, which recorded a much smaller 7.6% rise in new bankruptcies compared with 1Q12.
Bankruptcies due to default on hire purchase loans increased 48% y-o-y in 1Q14 to 1,906 cases, Nancy Shukri, the de facto law minister, told The Edge Financial Daily. This appears to correspond with the considerable rise in impaired passenger vehicle loans since last October, peaking at RM2.04 billion in February, the highest level since 2009.
Bankruptcies registered due to default on housing loans grew 16% to 1,176 cases.
It was earlier reported that new bankruptcies for the whole of 2013 rose an alarming 12.3% from a year earlier to a high of 60 cases per day. Such a sharp increase is rarely seen in non-recession years. In 2011 and 2012, for example, new cases grew by only 5.8% and 2.1%, respectively.
“The highest [rise in] new bankruptcy cases was registered in 2009 [by 17.1%], believed to be a result of the economic downturn,” said Nancy.
The triggers for last year and this first quarter, however, are not immediately clear as the economy appears to be relatively healthy.
Nancy said “We do not have the relevant information on what causes these defaults.”
The defaults are more likely to be due to shocks to the expenditure side than the income side. The Credit Counselling and Debt Management Agency (AKPK), which provides financial management advice and debt management programmes, says 60.7% of individuals coming through its doors have expenditure-related concerns, mainly due to poor financial planning, high medical expenses, and a loss of control on the use of credit cards.
“We can only speculate that the high inflation rate was one of the contributing factors in the increase of bankruptcy cases from year 2013 to year 2014, among other reasons,” Nancy said.
Inflation, which results in higher living costs, has steadily risen since subsidy cuts began last September. In March, the consumer price index went up 3.48% compared with 2.57% in September. Inflation prior to the subsidy cut in September stood at 1.9%.
After falling for 16 months, credit card balances overdue by at least three months had started picking up again last December.
Vehicle hire purchase loans, which made up the largest cause of bankruptcy last year at 29% of all cases, are commonly the first to bear the brunt of shocks to the economy.
“The hirer or borrower of a hire purchase loan can be made bankrupt in a short period due to an expeditious loan recovery process,” said Koid Swee Lian, chief executive officer of AKPK.
Koid added that hire purchase loans can be problematic because borrowers may not have considered the extra expenses for owning a car.
Meanwhile, Nancy also said that the greater demand and availability of loans are another possible factor.
Dr Yeah Kim Leng, dean of school of business, Malaysia University of Science and Technology, said cheap credit over the past several years has led to rising bankruptcies.
“The low interest rate environment and the push by competitive banks to obtain customers have led to a rapid rise in loans,” he said, adding that the rise in bankruptcies is an early sign of financial distress.
From 2010 to 2013, total loans increased 55%, while from 2005 to 2008, it went up only 41%. This is despite the fact that income per capita grew twice as fast in 2005 to 2008. Consequently, household debt has risen from 72.4% of gross domestic product in 2009 to 86.8% in 2013, one of the highest in the Asia-Pacific.
Yeah cautions that near-term risks to the pace of bankruptcies include inflation, a correction in property prices, and an interest rate hike.
Yeah, however, expects a slowdown in the property market rather than a correction.
Housing loans, which have grown at twice the rate of all loans since 2009, have also grown the fastest as a cause of bankruptcy over the same period, by five fold. Such loans account for 25% of all bankruptcies in 2013, up from 7% in 2009.
Rising living costs and mounting household debts have also lifted the bankruptcy rate in Singapore by 14% to 1,992 cases last year — the highest level since 2009.
Article in The Edge, 19 May 2014
KUALA LUMPUR: The number of individuals declared bankrupt rose a staggering 32% year-on-year (y-o-y) in the first quarter (1Q14) to about 6,480 cases, raising the question of whether the rising cost of living is pushing ever more past the breaking point.
There were about 4,910 bankruptcy cases registered in the first quarter last year, according to the Legal Affairs Division’s 2013 annual report.
The statistic for 1Q14 translates into about 72 cases per day, up from 55 in 1Q13, which recorded a much smaller 7.6% rise in new bankruptcies compared with 1Q12.
Bankruptcies due to default on hire purchase loans increased 48% y-o-y in 1Q14 to 1,906 cases, Nancy Shukri, the de facto law minister, told The Edge Financial Daily. This appears to correspond with the considerable rise in impaired passenger vehicle loans since last October, peaking at RM2.04 billion in February, the highest level since 2009.
Bankruptcies registered due to default on housing loans grew 16% to 1,176 cases.
It was earlier reported that new bankruptcies for the whole of 2013 rose an alarming 12.3% from a year earlier to a high of 60 cases per day. Such a sharp increase is rarely seen in non-recession years. In 2011 and 2012, for example, new cases grew by only 5.8% and 2.1%, respectively.
“The highest [rise in] new bankruptcy cases was registered in 2009 [by 17.1%], believed to be a result of the economic downturn,” said Nancy.
The triggers for last year and this first quarter, however, are not immediately clear as the economy appears to be relatively healthy.
Nancy said “We do not have the relevant information on what causes these defaults.”
The defaults are more likely to be due to shocks to the expenditure side than the income side. The Credit Counselling and Debt Management Agency (AKPK), which provides financial management advice and debt management programmes, says 60.7% of individuals coming through its doors have expenditure-related concerns, mainly due to poor financial planning, high medical expenses, and a loss of control on the use of credit cards.
“We can only speculate that the high inflation rate was one of the contributing factors in the increase of bankruptcy cases from year 2013 to year 2014, among other reasons,” Nancy said.
Inflation, which results in higher living costs, has steadily risen since subsidy cuts began last September. In March, the consumer price index went up 3.48% compared with 2.57% in September. Inflation prior to the subsidy cut in September stood at 1.9%.
After falling for 16 months, credit card balances overdue by at least three months had started picking up again last December.
Vehicle hire purchase loans, which made up the largest cause of bankruptcy last year at 29% of all cases, are commonly the first to bear the brunt of shocks to the economy.
“The hirer or borrower of a hire purchase loan can be made bankrupt in a short period due to an expeditious loan recovery process,” said Koid Swee Lian, chief executive officer of AKPK.
Koid added that hire purchase loans can be problematic because borrowers may not have considered the extra expenses for owning a car.
Meanwhile, Nancy also said that the greater demand and availability of loans are another possible factor.
Dr Yeah Kim Leng, dean of school of business, Malaysia University of Science and Technology, said cheap credit over the past several years has led to rising bankruptcies.
“The low interest rate environment and the push by competitive banks to obtain customers have led to a rapid rise in loans,” he said, adding that the rise in bankruptcies is an early sign of financial distress.
From 2010 to 2013, total loans increased 55%, while from 2005 to 2008, it went up only 41%. This is despite the fact that income per capita grew twice as fast in 2005 to 2008. Consequently, household debt has risen from 72.4% of gross domestic product in 2009 to 86.8% in 2013, one of the highest in the Asia-Pacific.
Yeah cautions that near-term risks to the pace of bankruptcies include inflation, a correction in property prices, and an interest rate hike.
Yeah, however, expects a slowdown in the property market rather than a correction.
Housing loans, which have grown at twice the rate of all loans since 2009, have also grown the fastest as a cause of bankruptcy over the same period, by five fold. Such loans account for 25% of all bankruptcies in 2013, up from 7% in 2009.
Rising living costs and mounting household debts have also lifted the bankruptcy rate in Singapore by 14% to 1,992 cases last year — the highest level since 2009.
Jun 19, 2014 | financialmanagement
Article in The Edge, 19 May 2014
KUALA LUMPUR: The number of individuals declared bankrupt rose a staggering 32% year-on-year (y-o-y) in the first quarter (1Q14) to about 6,480 cases, raising the question of whether the rising cost of living is pushing ever more past the breaking point.
There were about 4,910 bankruptcy cases registered in the first quarter last year, according to the Legal Affairs Division’s 2013 annual report.
The statistic for 1Q14 translates into about 72 cases per day, up from 55 in 1Q13, which recorded a much smaller 7.6% rise in new bankruptcies compared with 1Q12.
Bankruptcies due to default on hire purchase loans increased 48% y-o-y in 1Q14 to 1,906 cases, Nancy Shukri, the de facto law minister, told The Edge Financial Daily. This appears to correspond with the considerable rise in impaired passenger vehicle loans since last October, peaking at RM2.04 billion in February, the highest level since 2009.
Bankruptcies registered due to default on housing loans grew 16% to 1,176 cases.
It was earlier reported that new bankruptcies for the whole of 2013 rose an alarming 12.3% from a year earlier to a high of 60 cases per day. Such a sharp increase is rarely seen in non-recession years. In 2011 and 2012, for example, new cases grew by only 5.8% and 2.1%, respectively.
“The highest [rise in] new bankruptcy cases was registered in 2009 [by 17.1%], believed to be a result of the economic downturn,” said Nancy.
The triggers for last year and this first quarter, however, are not immediately clear as the economy appears to be relatively healthy.
Nancy said “We do not have the relevant information on what causes these defaults.”
The defaults are more likely to be due to shocks to the expenditure side than the income side. The Credit Counselling and Debt Management Agency (AKPK), which provides financial management advice and debt management programmes, says 60.7% of individuals coming through its doors have expenditure-related concerns, mainly due to poor financial planning, high medical expenses, and a loss of control on the use of credit cards.
“We can only speculate that the high inflation rate was one of the contributing factors in the increase of bankruptcy cases from year 2013 to year 2014, among other reasons,” Nancy said.
Inflation, which results in higher living costs, has steadily risen since subsidy cuts began last September. In March, the consumer price index went up 3.48% compared with 2.57% in September. Inflation prior to the subsidy cut in September stood at 1.9%.
After falling for 16 months, credit card balances overdue by at least three months had started picking up again last December.
Vehicle hire purchase loans, which made up the largest cause of bankruptcy last year at 29% of all cases, are commonly the first to bear the brunt of shocks to the economy.
“The hirer or borrower of a hire purchase loan can be made bankrupt in a short period due to an expeditious loan recovery process,” said Koid Swee Lian, chief executive officer of AKPK.
Koid added that hire purchase loans can be problematic because borrowers may not have considered the extra expenses for owning a car.
Meanwhile, Nancy also said that the greater demand and availability of loans are another possible factor.
Dr Yeah Kim Leng, dean of school of business, Malaysia University of Science and Technology, said cheap credit over the past several years has led to rising bankruptcies.
“The low interest rate environment and the push by competitive banks to obtain customers have led to a rapid rise in loans,” he said, adding that the rise in bankruptcies is an early sign of financial distress.
From 2010 to 2013, total loans increased 55%, while from 2005 to 2008, it went up only 41%. This is despite the fact that income per capita grew twice as fast in 2005 to 2008. Consequently, household debt has risen from 72.4% of gross domestic product in 2009 to 86.8% in 2013, one of the highest in the Asia-Pacific.
Yeah cautions that near-term risks to the pace of bankruptcies include inflation, a correction in property prices, and an interest rate hike.
Yeah, however, expects a slowdown in the property market rather than a correction.
Housing loans, which have grown at twice the rate of all loans since 2009, have also grown the fastest as a cause of bankruptcy over the same period, by five fold. Such loans account for 25% of all bankruptcies in 2013, up from 7% in 2009.
Rising living costs and mounting household debts have also lifted the bankruptcy rate in Singapore by 14% to 1,992 cases last year — the highest level since 2009.
Artikel dari Harian Metro, 27 Jun 2014
Amalan menabung mempunyai banyak kebaikannya. Selain dapat menyediakan kewangan masa depan, tabiat menabung yang diajar sejak kecil membantu mengelakkan pembaziran dan mencegah tabiat berhutang.
Namun, amalan baik yang disemai sejak kecil itu tidak menjanjikan mereka bebas daripada hutang. Ada sesetengah individu berhutang kerana mengambil mudah masalah berkenaan.
Ia disebabkan mereka tahu ada banyak agensi mahupun pertubuhan bukan kerajaan (NGO) sedia membantu menyelesaikan masalah hutang yang dihadapi.
Ada orang berhutang kerana mahu menunjuk-nunjuk dan tidak kurang juga disebabkan terpaksa untuk memenuhi tuntutan hidup.
Namun sedarkah kita, berhutang bukan saja membebankan diri sendiri malah ia juga boleh mengganggu perasaan jika jumlah hutang yang dipinjam agak besar dan sukar dilunaskan dalam tempoh ditetapkan.
Perancangan kewangan yang lemah dan tabiat berbelanja tidak mengikut kemampuan adalah faktor utama bertambahnya bebanan hutang serta ketidakupayaan membayar balik pinjaman.
Bukan hanya golongan dewasa, ada juga generasi muda yang terjebak dalam kancah hutang termasuklah mereka yang baru menjengah dunia pekerjaan.
Untuk mengetahui lebih lanjut mengenai isu hutang, ikuti sesi soal jawab bersama Ketua Cawangan Agensi Kaunseling dan Pengurusan Kredit (AKPK) Johor, Mohd Nasir Mustafa.
Soalan (S): Mengapa kebanyakan kita gemar berhutang walaupun untuk membeli barangan yang tidak penting?
Jawapan (J): Mereka yang berhutang biasanya disebabkan oleh lima perkara iaitu personaliti, pengaruh persekitaran, promosi, pujian dan perasaan serta ‘pokai’.
1. Personaliti
Tabiat semula jadi yang suka berhutang. Ia menjadi kebiasaan kepada individu berkenaan apatah lagi jika sering melihat ibu bapa, adik-beradik dan saudara-maranya yang berhutang untuk memenuhi kehendak diri.
2. Pengaruh persekitaran
Rakan sebaya dan juga persekitaran atau situasi di sekeliling mereka menjadikan hutang sebagai gaya hidup. Keadaan bertambah buruk jika ada rakan yang turut memberi galakan berhutang bagi membeli barangan dikehendaki seperti kereta, kononnya untuk memastikan diri sama taraf dengan kerjaya masing-masing.
3. Promosi
Sesetengah institusi kewangan dan syarikat tertentu menyasarkan golongan muda dan berkerjaya sebagai pelanggan. Promosi secara besar-besaran dijalankan bagi menarik perhatian golongan muda membeli menggunakan kad kredit atau cara berhutang yang lain. Pelbagai taktik digunakan oleh jurujual dalam merencanakan promosi ini sebagai strategi menarik golongan muda menggunakan kad kredit.
4. Pujian dan perasaan
Darah muda, memang suka pujian dan terdorong untuk kelihatan anggun, cantik serta bergaya selaras dengan usia muda dan kerjaya. Disebabkan itu, eksekutif muda wanita dan lelaki berlumba-lumba membeli barangan berjenama yang bukan murah harganya.
Bagi mereka, ‘biar papa asal bergaya’ bagi menjaga penampilan untuk kekal menarik. Akhirnya, individu yang suka berbelanja tanpa mengikut kemampuan terjebak di dalam kancah hutang yang serius.
5. Kehabisan wang atau ‘pokai’
Disebabkan kehendak hati untuk tampak mewah, mereka sanggup berhutang walaupun sedar diri kurang berkemampuan. Bertambah teruk apabila jumlah gaji yang diperoleh setiap bulan tidak mencukupi.
Untuk menyelesaikan masalah hutang yang ditanggung, wujud gejala ‘gali lubang, tutup lubang’, iaitu mencipta hutang baru untuk membayar hutang lama.
Tidak salah memilih gaya hidup yang dikehendaki, tetapi ukurlah baju di badan sendiri, jalan mana yang hendak anda lalui sama ada jalan menuju kebahagiaan atau kesengsaraan.
Namun begitu, ada juga mereka ini yang berhutang disebabkan terpaksa seperti ditimpa kemalangan, membayar perubatan diri serta keluarga, bencana alam dan sebagainya.
S: Apakah jenis hutang yang biasa menghantui golongan muda?
J: Ada dua jenis pinjaman iaitu bercagar dan tidak bercagar. Pinjaman bercagar adalah pinjaman kenderaan atau sewa beli kereta.
Pinjaman tidak bercagar adalah seperti kad kredit dan pinjaman peribadi. Kebanyakan hutang dalam kalangan generasi muda adalah pinjaman tidak bercagar. Mengikut statistik Jabatan Insolvensi Malaysia, pinjaman sewa beli adalah penyumbang terbesar kepada kadar kebankrapan.
S: Bagaimanakah cara pengurusan hutang yang betul?
J: Cara atau kaedah berhutang yang betul ialah dengan membuat hutang yang produktif. Misalnya, hutang untuk melanjutkan pelajaran, membeli rumah atau hartanah dan modal perniagaan.
Jumlah yang dipinjam juga sangat penting bagi memastikan seseorang itu mampu membuat bayaran balik. Penghutang disarankan membuat bayaran ansuran pinjaman tidak melebihi 40 peratus daripada gaji bersih setiap bulan.
Selain itu, pembayaran semula hutang mengikut jadual yang ditetapkan membantu mengelakkan penalti dan caj tambahan lain.
Sekiranya kita menghadapi masalah dalam pembayaran balik pinjaman, segeralah berjumpa dengan institusi kewangan dan berbincang. Berdiam atau melarikan diri bukan satu penyelesaian yang baik.
S: Bagaimana cara untuk mengelakkan diri daripada berhutang?
J: Setiap individu tidak dapat mengelakkan diri daripada berhutang, bezanya adalah alasan untuk berhutang. Jika kita bijak dalam menguruskan hutang pasti ia tidak memberi kesan negatif kepada diri sendiri dan keluarga.
Sebaiknya, kita perlu bijak membezakan keperluan dan kehendak, merancang pembelian serta elakkan pembelian secara mendadak.
Amalkan gaya hidup sederhana dan sentiasa beringat untuk menabung sebahagian daripada pendapatan bagi menghadapi situasi kecemasan seperi sakit, hilang pekerjaan dan sebagainya.
S: Apakah peranan AKPK bagi membantu generasi muda mendapatkan ilmu mengenai pengurusan kewangan dengan lebih mendalam?
J: AKPK ada membuat program khusus bagi mendekati golongan muda dan menerapkan pengetahuan pengurusan kewangan.
Antaranya:
•Program POWER! – Pengurusan wang ringgit golongan dewasa muda.
•Modul Pengurusan Kewangan Peribadi yang diluluskan oleh MQA sebagai salah satu mata pelajaran elektif yang ditawarkan kepada pelajar.
•Program pengurusan kewangan berhemat melalui modul PLKN.
•Menawarkan sesi kaunseling kewangan bagi mendapatkan khidmat nasihat.
Artikel dari Harian Metro, 27 Jun 2014
Amalan menabung mempunyai banyak kebaikannya. Selain dapat menyediakan kewangan masa depan, tabiat menabung yang diajar sejak kecil membantu mengelakkan pembaziran dan mencegah tabiat berhutang.
Namun, amalan baik yang disemai sejak kecil itu tidak menjanjikan mereka bebas daripada hutang. Ada sesetengah individu berhutang kerana mengambil mudah masalah berkenaan.
Ia disebabkan mereka tahu ada banyak agensi mahupun pertubuhan bukan kerajaan (NGO) sedia membantu menyelesaikan masalah hutang yang dihadapi.
Ada orang berhutang kerana mahu menunjuk-nunjuk dan tidak kurang juga disebabkan terpaksa untuk memenuhi tuntutan hidup.
Namun sedarkah kita, berhutang bukan saja membebankan diri sendiri malah ia juga boleh mengganggu perasaan jika jumlah hutang yang dipinjam agak besar dan sukar dilunaskan dalam tempoh ditetapkan.
Perancangan kewangan yang lemah dan tabiat berbelanja tidak mengikut kemampuan adalah faktor utama bertambahnya bebanan hutang serta ketidakupayaan membayar balik pinjaman.
Bukan hanya golongan dewasa, ada juga generasi muda yang terjebak dalam kancah hutang termasuklah mereka yang baru menjengah dunia pekerjaan.
Untuk mengetahui lebih lanjut mengenai isu hutang, ikuti sesi soal jawab bersama Ketua Cawangan Agensi Kaunseling dan Pengurusan Kredit (AKPK) Johor, Mohd Nasir Mustafa.
Soalan (S): Mengapa kebanyakan kita gemar berhutang walaupun untuk membeli barangan yang tidak penting?
Jawapan (J): Mereka yang berhutang biasanya disebabkan oleh lima perkara iaitu personaliti, pengaruh persekitaran, promosi, pujian dan perasaan serta ‘pokai’.
1. Personaliti
Tabiat semula jadi yang suka berhutang. Ia menjadi kebiasaan kepada individu berkenaan apatah lagi jika sering melihat ibu bapa, adik-beradik dan saudara-maranya yang berhutang untuk memenuhi kehendak diri.
2. Pengaruh persekitaran
Rakan sebaya dan juga persekitaran atau situasi di sekeliling mereka menjadikan hutang sebagai gaya hidup. Keadaan bertambah buruk jika ada rakan yang turut memberi galakan berhutang bagi membeli barangan dikehendaki seperti kereta, kononnya untuk memastikan diri sama taraf dengan kerjaya masing-masing.
3. Promosi
Sesetengah institusi kewangan dan syarikat tertentu menyasarkan golongan muda dan berkerjaya sebagai pelanggan. Promosi secara besar-besaran dijalankan bagi menarik perhatian golongan muda membeli menggunakan kad kredit atau cara berhutang yang lain. Pelbagai taktik digunakan oleh jurujual dalam merencanakan promosi ini sebagai strategi menarik golongan muda menggunakan kad kredit.
4. Pujian dan perasaan
Darah muda, memang suka pujian dan terdorong untuk kelihatan anggun, cantik serta bergaya selaras dengan usia muda dan kerjaya. Disebabkan itu, eksekutif muda wanita dan lelaki berlumba-lumba membeli barangan berjenama yang bukan murah harganya.
Bagi mereka, ‘biar papa asal bergaya’ bagi menjaga penampilan untuk kekal menarik. Akhirnya, individu yang suka berbelanja tanpa mengikut kemampuan terjebak di dalam kancah hutang yang serius.
5. Kehabisan wang atau ‘pokai’
Disebabkan kehendak hati untuk tampak mewah, mereka sanggup berhutang walaupun sedar diri kurang berkemampuan. Bertambah teruk apabila jumlah gaji yang diperoleh setiap bulan tidak mencukupi.
Untuk menyelesaikan masalah hutang yang ditanggung, wujud gejala ‘gali lubang, tutup lubang’, iaitu mencipta hutang baru untuk membayar hutang lama.
Tidak salah memilih gaya hidup yang dikehendaki, tetapi ukurlah baju di badan sendiri, jalan mana yang hendak anda lalui sama ada jalan menuju kebahagiaan atau kesengsaraan.
Namun begitu, ada juga mereka ini yang berhutang disebabkan terpaksa seperti ditimpa kemalangan, membayar perubatan diri serta keluarga, bencana alam dan sebagainya.
S: Apakah jenis hutang yang biasa menghantui golongan muda?
J: Ada dua jenis pinjaman iaitu bercagar dan tidak bercagar. Pinjaman bercagar adalah pinjaman kenderaan atau sewa beli kereta.
Pinjaman tidak bercagar adalah seperti kad kredit dan pinjaman peribadi. Kebanyakan hutang dalam kalangan generasi muda adalah pinjaman tidak bercagar. Mengikut statistik Jabatan Insolvensi Malaysia, pinjaman sewa beli adalah penyumbang terbesar kepada kadar kebankrapan.
S: Bagaimanakah cara pengurusan hutang yang betul?
J: Cara atau kaedah berhutang yang betul ialah dengan membuat hutang yang produktif. Misalnya, hutang untuk melanjutkan pelajaran, membeli rumah atau hartanah dan modal perniagaan.
Jumlah yang dipinjam juga sangat penting bagi memastikan seseorang itu mampu membuat bayaran balik. Penghutang disarankan membuat bayaran ansuran pinjaman tidak melebihi 40 peratus daripada gaji bersih setiap bulan.
Selain itu, pembayaran semula hutang mengikut jadual yang ditetapkan membantu mengelakkan penalti dan caj tambahan lain.
Sekiranya kita menghadapi masalah dalam pembayaran balik pinjaman, segeralah berjumpa dengan institusi kewangan dan berbincang. Berdiam atau melarikan diri bukan satu penyelesaian yang baik.
S: Bagaimana cara untuk mengelakkan diri daripada berhutang?
J: Setiap individu tidak dapat mengelakkan diri daripada berhutang, bezanya adalah alasan untuk berhutang. Jika kita bijak dalam menguruskan hutang pasti ia tidak memberi kesan negatif kepada diri sendiri dan keluarga.
Sebaiknya, kita perlu bijak membezakan keperluan dan kehendak, merancang pembelian serta elakkan pembelian secara mendadak.
Amalkan gaya hidup sederhana dan sentiasa beringat untuk menabung sebahagian daripada pendapatan bagi menghadapi situasi kecemasan seperi sakit, hilang pekerjaan dan sebagainya.
S: Apakah peranan AKPK bagi membantu generasi muda mendapatkan ilmu mengenai pengurusan kewangan dengan lebih mendalam?
J: AKPK ada membuat program khusus bagi mendekati golongan muda dan menerapkan pengetahuan pengurusan kewangan.
Antaranya:
•Program POWER! – Pengurusan wang ringgit golongan dewasa muda.
•Modul Pengurusan Kewangan Peribadi yang diluluskan oleh MQA sebagai salah satu mata pelajaran elektif yang ditawarkan kepada pelajar.
•Program pengurusan kewangan berhemat melalui modul PLKN.
•Menawarkan sesi kaunseling kewangan bagi mendapatkan khidmat nasihat.
Jun 27, 2014 | financialmanagement
Artikel dari Harian Metro, 27 Jun 2014
Amalan menabung mempunyai banyak kebaikannya. Selain dapat menyediakan kewangan masa depan, tabiat menabung yang diajar sejak kecil membantu mengelakkan pembaziran dan mencegah tabiat berhutang.
Namun, amalan baik yang disemai sejak kecil itu tidak menjanjikan mereka bebas daripada hutang. Ada sesetengah individu berhutang kerana mengambil mudah masalah berkenaan.
Ia disebabkan mereka tahu ada banyak agensi mahupun pertubuhan bukan kerajaan (NGO) sedia membantu menyelesaikan masalah hutang yang dihadapi.
Ada orang berhutang kerana mahu menunjuk-nunjuk dan tidak kurang juga disebabkan terpaksa untuk memenuhi tuntutan hidup.
Namun sedarkah kita, berhutang bukan saja membebankan diri sendiri malah ia juga boleh mengganggu perasaan jika jumlah hutang yang dipinjam agak besar dan sukar dilunaskan dalam tempoh ditetapkan.
Perancangan kewangan yang lemah dan tabiat berbelanja tidak mengikut kemampuan adalah faktor utama bertambahnya bebanan hutang serta ketidakupayaan membayar balik pinjaman.
Bukan hanya golongan dewasa, ada juga generasi muda yang terjebak dalam kancah hutang termasuklah mereka yang baru menjengah dunia pekerjaan.
Untuk mengetahui lebih lanjut mengenai isu hutang, ikuti sesi soal jawab bersama Ketua Cawangan Agensi Kaunseling dan Pengurusan Kredit (AKPK) Johor, Mohd Nasir Mustafa.
Soalan (S): Mengapa kebanyakan kita gemar berhutang walaupun untuk membeli barangan yang tidak penting?
Jawapan (J): Mereka yang berhutang biasanya disebabkan oleh lima perkara iaitu personaliti, pengaruh persekitaran, promosi, pujian dan perasaan serta ‘pokai’.
1. Personaliti
Tabiat semula jadi yang suka berhutang. Ia menjadi kebiasaan kepada individu berkenaan apatah lagi jika sering melihat ibu bapa, adik-beradik dan saudara-maranya yang berhutang untuk memenuhi kehendak diri.
2. Pengaruh persekitaran
Rakan sebaya dan juga persekitaran atau situasi di sekeliling mereka menjadikan hutang sebagai gaya hidup. Keadaan bertambah buruk jika ada rakan yang turut memberi galakan berhutang bagi membeli barangan dikehendaki seperti kereta, kononnya untuk memastikan diri sama taraf dengan kerjaya masing-masing.
3. Promosi
Sesetengah institusi kewangan dan syarikat tertentu menyasarkan golongan muda dan berkerjaya sebagai pelanggan. Promosi secara besar-besaran dijalankan bagi menarik perhatian golongan muda membeli menggunakan kad kredit atau cara berhutang yang lain. Pelbagai taktik digunakan oleh jurujual dalam merencanakan promosi ini sebagai strategi menarik golongan muda menggunakan kad kredit.
4. Pujian dan perasaan
Darah muda, memang suka pujian dan terdorong untuk kelihatan anggun, cantik serta bergaya selaras dengan usia muda dan kerjaya. Disebabkan itu, eksekutif muda wanita dan lelaki berlumba-lumba membeli barangan berjenama yang bukan murah harganya.
Bagi mereka, ‘biar papa asal bergaya’ bagi menjaga penampilan untuk kekal menarik. Akhirnya, individu yang suka berbelanja tanpa mengikut kemampuan terjebak di dalam kancah hutang yang serius.
5. Kehabisan wang atau ‘pokai’
Disebabkan kehendak hati untuk tampak mewah, mereka sanggup berhutang walaupun sedar diri kurang berkemampuan. Bertambah teruk apabila jumlah gaji yang diperoleh setiap bulan tidak mencukupi.
Untuk menyelesaikan masalah hutang yang ditanggung, wujud gejala ‘gali lubang, tutup lubang’, iaitu mencipta hutang baru untuk membayar hutang lama.
Tidak salah memilih gaya hidup yang dikehendaki, tetapi ukurlah baju di badan sendiri, jalan mana yang hendak anda lalui sama ada jalan menuju kebahagiaan atau kesengsaraan.
Namun begitu, ada juga mereka ini yang berhutang disebabkan terpaksa seperti ditimpa kemalangan, membayar perubatan diri serta keluarga, bencana alam dan sebagainya.
S: Apakah jenis hutang yang biasa menghantui golongan muda?
J: Ada dua jenis pinjaman iaitu bercagar dan tidak bercagar. Pinjaman bercagar adalah pinjaman kenderaan atau sewa beli kereta.
Pinjaman tidak bercagar adalah seperti kad kredit dan pinjaman peribadi. Kebanyakan hutang dalam kalangan generasi muda adalah pinjaman tidak bercagar. Mengikut statistik Jabatan Insolvensi Malaysia, pinjaman sewa beli adalah penyumbang terbesar kepada kadar kebankrapan.
S: Bagaimanakah cara pengurusan hutang yang betul?
J: Cara atau kaedah berhutang yang betul ialah dengan membuat hutang yang produktif. Misalnya, hutang untuk melanjutkan pelajaran, membeli rumah atau hartanah dan modal perniagaan.
Jumlah yang dipinjam juga sangat penting bagi memastikan seseorang itu mampu membuat bayaran balik. Penghutang disarankan membuat bayaran ansuran pinjaman tidak melebihi 40 peratus daripada gaji bersih setiap bulan.
Selain itu, pembayaran semula hutang mengikut jadual yang ditetapkan membantu mengelakkan penalti dan caj tambahan lain.
Sekiranya kita menghadapi masalah dalam pembayaran balik pinjaman, segeralah berjumpa dengan institusi kewangan dan berbincang. Berdiam atau melarikan diri bukan satu penyelesaian yang baik.
S: Bagaimana cara untuk mengelakkan diri daripada berhutang?
J: Setiap individu tidak dapat mengelakkan diri daripada berhutang, bezanya adalah alasan untuk berhutang. Jika kita bijak dalam menguruskan hutang pasti ia tidak memberi kesan negatif kepada diri sendiri dan keluarga.
Sebaiknya, kita perlu bijak membezakan keperluan dan kehendak, merancang pembelian serta elakkan pembelian secara mendadak.
Amalkan gaya hidup sederhana dan sentiasa beringat untuk menabung sebahagian daripada pendapatan bagi menghadapi situasi kecemasan seperi sakit, hilang pekerjaan dan sebagainya.
S: Apakah peranan AKPK bagi membantu generasi muda mendapatkan ilmu mengenai pengurusan kewangan dengan lebih mendalam?
J: AKPK ada membuat program khusus bagi mendekati golongan muda dan menerapkan pengetahuan pengurusan kewangan.
Antaranya:
•Program POWER! – Pengurusan wang ringgit golongan dewasa muda.
•Modul Pengurusan Kewangan Peribadi yang diluluskan oleh MQA sebagai salah satu mata pelajaran elektif yang ditawarkan kepada pelajar.
•Program pengurusan kewangan berhemat melalui modul PLKN.
•Menawarkan sesi kaunseling kewangan bagi mendapatkan khidmat nasihat.
Article from the Borneo Post, 27 June 2014
KUCHING: Individual borrowers in the state are encouraged to seek advice and assistance in managing their finances and debts from Credit Counselling and Debt Management Agency (AKPK).
Head of AKPK Sarawak Region Marlene Margaret Nichol said the agency, a wholly owned subsidiary of Bank Negara Malaysia, offers free-of-charge services not just to borrowers but also potential borrowers.
She pointed out that AKPK offers financial education on the responsible use of credit and basic money management skills, saying it’s financial education programmes include ad-hoc tailor-made talks and briefings to various target groups, a personal financial management education programme (which normally targets university students) and the POWER1 programme, designed to equip individuals with essential financial knowledge and ability to make responsible financial decisions.
Margaret said it also gives counselling and advice on financial management, including financial budgeting to manage expenses.
Besides that, she added, AKPK also offers Debt Management Programme (DMP) to assist financially distressed consumers in regaining their financial control.
“Borrowers and potential borrowers in Sarawak who require our services can come forward to AKPK Sarawak Region office anytime during weekdays,” she said.
Among others, she said individual borrowers can seek AKPK’s assistance in rescheduling their house loans, hire purchase loans and personal loans from, or outstanding credit/charge card balances due to, financial service providers under the purview of Bank Negara Malaysia.
She said since its inception in April 2006 to April 30 this year, some 266,450 individuals nationwide had attended AKPK’s counselling services, out of which 107,264 had applied to enrol for its DMP.
She, however, lamented that many borrowers in Sarawak were still not aware of AKPK’s services.
Between April 2006 and April 30 this year, she said only about 8,500 individuals in the state had attended the counselling services and about 3,000 had undergone the DMP.
“Consumers who approach AKPK for assistance are from all walks of life,” she added.
Margaret said in most cases, the factors contributing to their over-indebtedness and inability to pay their debts include poor financial management, ignorance and lack of financial discipline to live within their means.
She noted that financial difficulties could also be triggered by unanticipated or change in circumstances such as health problems, death of a breadwinner, loss of employment and business failure. AKPK’s consumer education programme aims to nurture more financially astute borrowers and at the same time promote good payment and repayment culture.
“Increasing consumers’ financial literacy enhances their appreciation for the need to save, which serves as the basis for wealth accumulation, preparedness for financial uncertainties and a comfortable retirement,” said Margaret.
She pointed out that AKPK’s goal is to provide a variety of educational services designed to help individuals take control of their finances and gain peace of mind that comes from the wise use of credit.
She added that by promoting awareness and educating the public on how to manage their debts, as well as providing counselling and specially tailored DMP to cater to financially burden individuals, AKPK hopes to help curb the finance-related issues faced by Malaysian households today.
Article from the Borneo Post, 27 June 2014
KUCHING: Individual borrowers in the state are encouraged to seek advice and assistance in managing their finances and debts from Credit Counselling and Debt Management Agency (AKPK).
Head of AKPK Sarawak Region Marlene Margaret Nichol said the agency, a wholly owned subsidiary of Bank Negara Malaysia, offers free-of-charge services not just to borrowers but also potential borrowers.
She pointed out that AKPK offers financial education on the responsible use of credit and basic money management skills, saying it’s financial education programmes include ad-hoc tailor-made talks and briefings to various target groups, a personal financial management education programme (which normally targets university students) and the POWER1 programme, designed to equip individuals with essential financial knowledge and ability to make responsible financial decisions.
Margaret said it also gives counselling and advice on financial management, including financial budgeting to manage expenses.
Besides that, she added, AKPK also offers Debt Management Programme (DMP) to assist financially distressed consumers in regaining their financial control.
“Borrowers and potential borrowers in Sarawak who require our services can come forward to AKPK Sarawak Region office anytime during weekdays,” she said.
Among others, she said individual borrowers can seek AKPK’s assistance in rescheduling their house loans, hire purchase loans and personal loans from, or outstanding credit/charge card balances due to, financial service providers under the purview of Bank Negara Malaysia.
She said since its inception in April 2006 to April 30 this year, some 266,450 individuals nationwide had attended AKPK’s counselling services, out of which 107,264 had applied to enrol for its DMP.
She, however, lamented that many borrowers in Sarawak were still not aware of AKPK’s services.
Between April 2006 and April 30 this year, she said only about 8,500 individuals in the state had attended the counselling services and about 3,000 had undergone the DMP.
“Consumers who approach AKPK for assistance are from all walks of life,” she added.
Margaret said in most cases, the factors contributing to their over-indebtedness and inability to pay their debts include poor financial management, ignorance and lack of financial discipline to live within their means.
She noted that financial difficulties could also be triggered by unanticipated or change in circumstances such as health problems, death of a breadwinner, loss of employment and business failure. AKPK’s consumer education programme aims to nurture more financially astute borrowers and at the same time promote good payment and repayment culture.
“Increasing consumers’ financial literacy enhances their appreciation for the need to save, which serves as the basis for wealth accumulation, preparedness for financial uncertainties and a comfortable retirement,” said Margaret.
She pointed out that AKPK’s goal is to provide a variety of educational services designed to help individuals take control of their finances and gain peace of mind that comes from the wise use of credit.
She added that by promoting awareness and educating the public on how to manage their debts, as well as providing counselling and specially tailored DMP to cater to financially burden individuals, AKPK hopes to help curb the finance-related issues faced by Malaysian households today.
Jun 27, 2014 | financialmanagement
Article from the Borneo Post, 27 June 2014
KUCHING: Individual borrowers in the state are encouraged to seek advice and assistance in managing their finances and debts from Credit Counselling and Debt Management Agency (AKPK).
Head of AKPK Sarawak Region Marlene Margaret Nichol said the agency, a wholly owned subsidiary of Bank Negara Malaysia, offers free-of-charge services not just to borrowers but also potential borrowers.
She pointed out that AKPK offers financial education on the responsible use of credit and basic money management skills, saying it’s financial education programmes include ad-hoc tailor-made talks and briefings to various target groups, a personal financial management education programme (which normally targets university students) and the POWER1 programme, designed to equip individuals with essential financial knowledge and ability to make responsible financial decisions.
Margaret said it also gives counselling and advice on financial management, including financial budgeting to manage expenses.
Besides that, she added, AKPK also offers Debt Management Programme (DMP) to assist financially distressed consumers in regaining their financial control.
“Borrowers and potential borrowers in Sarawak who require our services can come forward to AKPK Sarawak Region office anytime during weekdays,” she said.
Among others, she said individual borrowers can seek AKPK’s assistance in rescheduling their house loans, hire purchase loans and personal loans from, or outstanding credit/charge card balances due to, financial service providers under the purview of Bank Negara Malaysia.
She said since its inception in April 2006 to April 30 this year, some 266,450 individuals nationwide had attended AKPK’s counselling services, out of which 107,264 had applied to enrol for its DMP.
She, however, lamented that many borrowers in Sarawak were still not aware of AKPK’s services.
Between April 2006 and April 30 this year, she said only about 8,500 individuals in the state had attended the counselling services and about 3,000 had undergone the DMP.
“Consumers who approach AKPK for assistance are from all walks of life,” she added.
Margaret said in most cases, the factors contributing to their over-indebtedness and inability to pay their debts include poor financial management, ignorance and lack of financial discipline to live within their means.
She noted that financial difficulties could also be triggered by unanticipated or change in circumstances such as health problems, death of a breadwinner, loss of employment and business failure. AKPK’s consumer education programme aims to nurture more financially astute borrowers and at the same time promote good payment and repayment culture.
“Increasing consumers’ financial literacy enhances their appreciation for the need to save, which serves as the basis for wealth accumulation, preparedness for financial uncertainties and a comfortable retirement,” said Margaret.
She pointed out that AKPK’s goal is to provide a variety of educational services designed to help individuals take control of their finances and gain peace of mind that comes from the wise use of credit.
She added that by promoting awareness and educating the public on how to manage their debts, as well as providing counselling and specially tailored DMP to cater to financially burden individuals, AKPK hopes to help curb the finance-related issues faced by Malaysian households today.
Article from the Borneo Post, 29 June 2014
MAX (not his real name) grew up, believing a credit card – or plastic money – was something he needed to be a responsible adult, so he was thrilled when his parents opened up the first credit card account for him on his final year in college.
Later, he worked as an administrative assistant in a private company and while trying to make ends meet living in the city, he quickly realised his annual RM30,000 salary alone wasn’t enough.
To make up the difference, he opened another credit card account.
Max was a compulsive shopper, buying almost anything he fancied with his credit cards.
About five years ago, he was two months behind payments for both cards. Back then, he never really had a system to keep track of and settle his bills.
As a result, interests on his credit cards jumped and his minimum payments quadrupled overnight.
After going through and totalling up his bills, the numbers gave him a rude shock — he was almost RM10,000 in debt, which, at the time, was a third of his annual gross income.
But Max was lucky — his parents were there to bail him out.
Credit card liability is a major problem and every year, millions find themselves over their heads in unpaid debts. And while credit card debts can be financially devastating, credit does have an important role in our lives.
In some cases, even renting an apartment, obtaining insurance or applying for a job may require your credit history to be pulled. Without credit, it can make even some basic things more difficult.
Once people turn 18 and can qualify for their own credit cards and loans, they become a prime target for lenders.
The real problem is that for many of these young people, this will be the first credit card they encounter. They pay little attention to interest rates, terms, and card features. The card they choose may set them up for failure right from the start.
Moreover, many young people are not adequately educated about credit cards and debts. They may know they have to pay the money back but may not understand the effect of high interest rates, minimum payments and the devastating effect that late payments can cause.
When young people have relatively low paying or part-time jobs, it can become difficult to keep up with credit card payments if they get out of control.
Are credit card debts bad?
Well, it really depends on your usage, said head of Credit Counselling and Debt Management Agency (AKPK), Sarawak Region, Marlene Margaret Nichol.
She pointed out that debts used for productive purposes brought positive results but when used for wrong reasons, for example, consumption, debts could bring negative impact on people’s lives.
“In short, a credit card is like a kitchen knife with many uses and benefits. If the knife is used wrongly, you can cut yourself.”
AKPK is a wholly owned subsidiary of Bank Negara Malaysia. Set up to proactively ensure the resilience of households, it provides an avenue for individual and potential borrowers to seek advice and assistance in managing their finances and debts.
Its mission is to promote financial wellness among Malaysians by empowering them to be financially savvy through consumer education, credit counselling and debt management programmes to enable them to regain control of their finances.
Margaret, who worked with Bank Negara before retiring, said statistics showed the second highest debts among young workers in Malaysia were from credit cards.
According to Nielson Global Survey of Investment Attitudes 2012 on Asian countries, Malaysia ranks low when it comes to paying outstanding credit card balances in full — below Indonesia, Singapore, South Korea, Japan and Taiwan.
Interestingly, the survey also reported only 18 per cent of Malaysians serviced the minimum five per cent payment every month while another 15 per cent paid more than the minimum amount.
Margaret said there are two different credit cards — for office use where one charges items used to company’s expenses and pays the outstanding balances in full when the company reimburses one’s claims. And for personal use which is paid from the holder’s salary.
One can use cards to pay monthly expenses for utilities, assessment, insurance premiums and the like.
Cards can also be used for annual payments such as membership fees and subscriptions for periodicals. That way, one can clearly account for one’s recurring expenses.
Margaret recommended using credit cards that gave rebates on purchases, saying it was like buying things with discount — another form of savings.
“Use your accumulated credit card points wisely. You can exchange them for food outlet vouchers or hypermarket shopping vouchers. Leverage on your spending.
“Unless you are eyeing a particular gift, generally, the gift may not be quite what you want and you may not want to utilise your points for it. Better to buy the specific model or item you wanted,” said the credit counsellor.
She noted that to become more debt-savvy and prudent in using credit cards, one must remember to always take time to read the fine prints in their credit card agreement and statements.
She said credit card holders must make it a practice to check their credit card statements for discrepancies or unauthorised transactions.
“Scrutinise your December credit card statements every year as card issuers are required to disclose the total credit for the year, total interest incurred, total fees and charges incurred, and table on minimum payment warning.
“So, in January next year, remember to check your December 2014 credit card statement to better understand the interest payments for your outstanding credit card balances,” she advised.
Margaret reminded card holders to pay their outstanding balances in full and enjoy an interest free period of about 20 days for all your transactions, saying if card holders only made partial payments, they would lose their interest-free period.
She warned if card holders made only minimum payment each month, that is five per cent of the outstanding balance, they would be paying more interest for a longer period.
“Always remember that paying only the minimum of five per cent of your credit card outstanding balances can result in a huge debt due to the interest chargeable and the compounding effect.
“So if one only pays the required minimum amount, be prepared that over time, you will have a huge outstanding balance.”
Margaret said credit card issuers were required by Bank Negara Malaysia to include the table on paying only the minimum amount in the December credit card statement.
She pointed out that if a card holder made only the minimum payment each period, he or she would not only pay more interest but also take longer to pay off their balance.
“For example, a card holder has an outstanding balance of RM3,000 and is required to make a minimum payment of five per cent of the outstanding amount — which is RM150 – before July 15, 2014.
“If no additional charges are made, using this card, and each month the sum of RM150 is paid, then the balance shown on this statement will be paid off in about four years eight months – plus an estimated interest of RM1,055.
“If RM200 is paid per month, the balance will be settled in one year six months and you end up paying RM424 interest, making a saving of RM631.
“Therefore, pay as much as you can, as early as possible, so that you clear your credit card debts earlier and the interest you save can be put to better use — such as retirement savings,” she explained.
Margaret advised those with overwhelming credit card debts to ask their card issuer for a waiver of interest and finance charges, and to restructure the outstanding amount into a term loan with repayment conditions they could afford.
She said one could also refer to the Self Help Guide: Debt Relief Plan of Credit Counselling and Dept Management Agency at its website www.akpk.org.my.
Alternatively, one could resort to AKPK’s debt management programme. AKPK Sarawak Region can be contacted at 082-414910.
Margaret said since its inception, some 266,450 individuals nationwide had attended counselling services with APKP, adding that from that number, 107,364 customers had applied to enrol for the Dept Management Programme.
However, she lamented that many Sarawakians were still unaware of AKPK, saying so far, only about 8,500 had attended the counselling services and about 3,000 had enrolled for the Debt Management Programme.
“AKPK’s goal is to provide a variety of educational services to help individuals take control of their finances and gain peace of mind that comes from the wise use of credit.”
She said the leading causes of debts among young Malaysians were credit cards, car loans, study loans, housing loans and personal loans.
Article from the Borneo Post, 29 June 2014
MAX (not his real name) grew up, believing a credit card – or plastic money – was something he needed to be a responsible adult, so he was thrilled when his parents opened up the first credit card account for him on his final year in college.
Later, he worked as an administrative assistant in a private company and while trying to make ends meet living in the city, he quickly realised his annual RM30,000 salary alone wasn’t enough.
To make up the difference, he opened another credit card account.
Max was a compulsive shopper, buying almost anything he fancied with his credit cards.
About five years ago, he was two months behind payments for both cards. Back then, he never really had a system to keep track of and settle his bills.
As a result, interests on his credit cards jumped and his minimum payments quadrupled overnight.
After going through and totalling up his bills, the numbers gave him a rude shock — he was almost RM10,000 in debt, which, at the time, was a third of his annual gross income.
But Max was lucky — his parents were there to bail him out.
Credit card liability is a major problem and every year, millions find themselves over their heads in unpaid debts. And while credit card debts can be financially devastating, credit does have an important role in our lives.
In some cases, even renting an apartment, obtaining insurance or applying for a job may require your credit history to be pulled. Without credit, it can make even some basic things more difficult.
Once people turn 18 and can qualify for their own credit cards and loans, they become a prime target for lenders.
The real problem is that for many of these young people, this will be the first credit card they encounter. They pay little attention to interest rates, terms, and card features. The card they choose may set them up for failure right from the start.
Moreover, many young people are not adequately educated about credit cards and debts. They may know they have to pay the money back but may not understand the effect of high interest rates, minimum payments and the devastating effect that late payments can cause.
When young people have relatively low paying or part-time jobs, it can become difficult to keep up with credit card payments if they get out of control.
Are credit card debts bad?
Well, it really depends on your usage, said head of Credit Counselling and Debt Management Agency (AKPK), Sarawak Region, Marlene Margaret Nichol.
She pointed out that debts used for productive purposes brought positive results but when used for wrong reasons, for example, consumption, debts could bring negative impact on people’s lives.
“In short, a credit card is like a kitchen knife with many uses and benefits. If the knife is used wrongly, you can cut yourself.”
AKPK is a wholly owned subsidiary of Bank Negara Malaysia. Set up to proactively ensure the resilience of households, it provides an avenue for individual and potential borrowers to seek advice and assistance in managing their finances and debts.
Its mission is to promote financial wellness among Malaysians by empowering them to be financially savvy through consumer education, credit counselling and debt management programmes to enable them to regain control of their finances.
Margaret, who worked with Bank Negara before retiring, said statistics showed the second highest debts among young workers in Malaysia were from credit cards.
According to Nielson Global Survey of Investment Attitudes 2012 on Asian countries, Malaysia ranks low when it comes to paying outstanding credit card balances in full — below Indonesia, Singapore, South Korea, Japan and Taiwan.
Interestingly, the survey also reported only 18 per cent of Malaysians serviced the minimum five per cent payment every month while another 15 per cent paid more than the minimum amount.
Margaret said there are two different credit cards — for office use where one charges items used to company’s expenses and pays the outstanding balances in full when the company reimburses one’s claims. And for personal use which is paid from the holder’s salary.
One can use cards to pay monthly expenses for utilities, assessment, insurance premiums and the like.
Cards can also be used for annual payments such as membership fees and subscriptions for periodicals. That way, one can clearly account for one’s recurring expenses.
Margaret recommended using credit cards that gave rebates on purchases, saying it was like buying things with discount — another form of savings.
“Use your accumulated credit card points wisely. You can exchange them for food outlet vouchers or hypermarket shopping vouchers. Leverage on your spending.
“Unless you are eyeing a particular gift, generally, the gift may not be quite what you want and you may not want to utilise your points for it. Better to buy the specific model or item you wanted,” said the credit counsellor.
She noted that to become more debt-savvy and prudent in using credit cards, one must remember to always take time to read the fine prints in their credit card agreement and statements.
She said credit card holders must make it a practice to check their credit card statements for discrepancies or unauthorised transactions.
“Scrutinise your December credit card statements every year as card issuers are required to disclose the total credit for the year, total interest incurred, total fees and charges incurred, and table on minimum payment warning.
“So, in January next year, remember to check your December 2014 credit card statement to better understand the interest payments for your outstanding credit card balances,” she advised.
Margaret reminded card holders to pay their outstanding balances in full and enjoy an interest free period of about 20 days for all your transactions, saying if card holders only made partial payments, they would lose their interest-free period.
She warned if card holders made only minimum payment each month, that is five per cent of the outstanding balance, they would be paying more interest for a longer period.
“Always remember that paying only the minimum of five per cent of your credit card outstanding balances can result in a huge debt due to the interest chargeable and the compounding effect.
“So if one only pays the required minimum amount, be prepared that over time, you will have a huge outstanding balance.”
Margaret said credit card issuers were required by Bank Negara Malaysia to include the table on paying only the minimum amount in the December credit card statement.
She pointed out that if a card holder made only the minimum payment each period, he or she would not only pay more interest but also take longer to pay off their balance.
“For example, a card holder has an outstanding balance of RM3,000 and is required to make a minimum payment of five per cent of the outstanding amount — which is RM150 – before July 15, 2014.
“If no additional charges are made, using this card, and each month the sum of RM150 is paid, then the balance shown on this statement will be paid off in about four years eight months – plus an estimated interest of RM1,055.
“If RM200 is paid per month, the balance will be settled in one year six months and you end up paying RM424 interest, making a saving of RM631.
“Therefore, pay as much as you can, as early as possible, so that you clear your credit card debts earlier and the interest you save can be put to better use — such as retirement savings,” she explained.
Margaret advised those with overwhelming credit card debts to ask their card issuer for a waiver of interest and finance charges, and to restructure the outstanding amount into a term loan with repayment conditions they could afford.
She said one could also refer to the Self Help Guide: Debt Relief Plan of Credit Counselling and Dept Management Agency at its website www.akpk.org.my.
Alternatively, one could resort to AKPK’s debt management programme. AKPK Sarawak Region can be contacted at 082-414910.
Margaret said since its inception, some 266,450 individuals nationwide had attended counselling services with APKP, adding that from that number, 107,364 customers had applied to enrol for the Dept Management Programme.
However, she lamented that many Sarawakians were still unaware of AKPK, saying so far, only about 8,500 had attended the counselling services and about 3,000 had enrolled for the Debt Management Programme.
“AKPK’s goal is to provide a variety of educational services to help individuals take control of their finances and gain peace of mind that comes from the wise use of credit.”
She said the leading causes of debts among young Malaysians were credit cards, car loans, study loans, housing loans and personal loans.
Jun 30, 2014 | financialmanagement
Article from the Borneo Post, 29 June 2014
MAX (not his real name) grew up, believing a credit card – or plastic money – was something he needed to be a responsible adult, so he was thrilled when his parents opened up the first credit card account for him on his final year in college.
Later, he worked as an administrative assistant in a private company and while trying to make ends meet living in the city, he quickly realised his annual RM30,000 salary alone wasn’t enough.
To make up the difference, he opened another credit card account.
Max was a compulsive shopper, buying almost anything he fancied with his credit cards.
About five years ago, he was two months behind payments for both cards. Back then, he never really had a system to keep track of and settle his bills.
As a result, interests on his credit cards jumped and his minimum payments quadrupled overnight.
After going through and totalling up his bills, the numbers gave him a rude shock — he was almost RM10,000 in debt, which, at the time, was a third of his annual gross income.
But Max was lucky — his parents were there to bail him out.
Credit card liability is a major problem and every year, millions find themselves over their heads in unpaid debts. And while credit card debts can be financially devastating, credit does have an important role in our lives.
In some cases, even renting an apartment, obtaining insurance or applying for a job may require your credit history to be pulled. Without credit, it can make even some basic things more difficult.
Once people turn 18 and can qualify for their own credit cards and loans, they become a prime target for lenders.
The real problem is that for many of these young people, this will be the first credit card they encounter. They pay little attention to interest rates, terms, and card features. The card they choose may set them up for failure right from the start.
Moreover, many young people are not adequately educated about credit cards and debts. They may know they have to pay the money back but may not understand the effect of high interest rates, minimum payments and the devastating effect that late payments can cause.
When young people have relatively low paying or part-time jobs, it can become difficult to keep up with credit card payments if they get out of control.
Are credit card debts bad?
Well, it really depends on your usage, said head of Credit Counselling and Debt Management Agency (AKPK), Sarawak Region, Marlene Margaret Nichol.
She pointed out that debts used for productive purposes brought positive results but when used for wrong reasons, for example, consumption, debts could bring negative impact on people’s lives.
“In short, a credit card is like a kitchen knife with many uses and benefits. If the knife is used wrongly, you can cut yourself.”
AKPK is a wholly owned subsidiary of Bank Negara Malaysia. Set up to proactively ensure the resilience of households, it provides an avenue for individual and potential borrowers to seek advice and assistance in managing their finances and debts.
Its mission is to promote financial wellness among Malaysians by empowering them to be financially savvy through consumer education, credit counselling and debt management programmes to enable them to regain control of their finances.
Margaret, who worked with Bank Negara before retiring, said statistics showed the second highest debts among young workers in Malaysia were from credit cards.
According to Nielson Global Survey of Investment Attitudes 2012 on Asian countries, Malaysia ranks low when it comes to paying outstanding credit card balances in full — below Indonesia, Singapore, South Korea, Japan and Taiwan.
Interestingly, the survey also reported only 18 per cent of Malaysians serviced the minimum five per cent payment every month while another 15 per cent paid more than the minimum amount.
Margaret said there are two different credit cards — for office use where one charges items used to company’s expenses and pays the outstanding balances in full when the company reimburses one’s claims. And for personal use which is paid from the holder’s salary.
One can use cards to pay monthly expenses for utilities, assessment, insurance premiums and the like.
Cards can also be used for annual payments such as membership fees and subscriptions for periodicals. That way, one can clearly account for one’s recurring expenses.
Margaret recommended using credit cards that gave rebates on purchases, saying it was like buying things with discount — another form of savings.
“Use your accumulated credit card points wisely. You can exchange them for food outlet vouchers or hypermarket shopping vouchers. Leverage on your spending.
“Unless you are eyeing a particular gift, generally, the gift may not be quite what you want and you may not want to utilise your points for it. Better to buy the specific model or item you wanted,” said the credit counsellor.
She noted that to become more debt-savvy and prudent in using credit cards, one must remember to always take time to read the fine prints in their credit card agreement and statements.
She said credit card holders must make it a practice to check their credit card statements for discrepancies or unauthorised transactions.
“Scrutinise your December credit card statements every year as card issuers are required to disclose the total credit for the year, total interest incurred, total fees and charges incurred, and table on minimum payment warning.
“So, in January next year, remember to check your December 2014 credit card statement to better understand the interest payments for your outstanding credit card balances,” she advised.
Margaret reminded card holders to pay their outstanding balances in full and enjoy an interest free period of about 20 days for all your transactions, saying if card holders only made partial payments, they would lose their interest-free period.
She warned if card holders made only minimum payment each month, that is five per cent of the outstanding balance, they would be paying more interest for a longer period.
“Always remember that paying only the minimum of five per cent of your credit card outstanding balances can result in a huge debt due to the interest chargeable and the compounding effect.
“So if one only pays the required minimum amount, be prepared that over time, you will have a huge outstanding balance.”
Margaret said credit card issuers were required by Bank Negara Malaysia to include the table on paying only the minimum amount in the December credit card statement.
She pointed out that if a card holder made only the minimum payment each period, he or she would not only pay more interest but also take longer to pay off their balance.
“For example, a card holder has an outstanding balance of RM3,000 and is required to make a minimum payment of five per cent of the outstanding amount — which is RM150 – before July 15, 2014.
“If no additional charges are made, using this card, and each month the sum of RM150 is paid, then the balance shown on this statement will be paid off in about four years eight months – plus an estimated interest of RM1,055.
“If RM200 is paid per month, the balance will be settled in one year six months and you end up paying RM424 interest, making a saving of RM631.
“Therefore, pay as much as you can, as early as possible, so that you clear your credit card debts earlier and the interest you save can be put to better use — such as retirement savings,” she explained.
Margaret advised those with overwhelming credit card debts to ask their card issuer for a waiver of interest and finance charges, and to restructure the outstanding amount into a term loan with repayment conditions they could afford.
She said one could also refer to the Self Help Guide: Debt Relief Plan of Credit Counselling and Dept Management Agency at its website www.akpk.org.my.
Alternatively, one could resort to AKPK’s debt management programme. AKPK Sarawak Region can be contacted at 082-414910.
Margaret said since its inception, some 266,450 individuals nationwide had attended counselling services with APKP, adding that from that number, 107,364 customers had applied to enrol for the Dept Management Programme.
However, she lamented that many Sarawakians were still unaware of AKPK, saying so far, only about 8,500 had attended the counselling services and about 3,000 had enrolled for the Debt Management Programme.
“AKPK’s goal is to provide a variety of educational services to help individuals take control of their finances and gain peace of mind that comes from the wise use of credit.”
She said the leading causes of debts among young Malaysians were credit cards, car loans, study loans, housing loans and personal loans.
Arkib
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