
KUALA LUMPUR: Laporan daripada Sistem Maklumat Rujukan Kredit Pusat (CCRIS) didakwa menyebabkan ramai golongan muda sejak kebelakangan ini sukar mendapat kelulusan pinjaman bank, untuk membeli kereta atau rumah.
Kegagalan mendapat pinjaman terbabit, membuatkan golongan itu pantas menyalahkan agensi tertentu sebagai punca, sedangkan hakikatnya adalah kesilapan diri mereka yang gagal memahami fungsi CCRIS kepada institusi perbankan.
CCRIS adalah sistem berpusat dibangunkan Bank Negara Malaysia (BNM) bagi mengumpul dan menyimpan semua data berkaitan kredit atau hutang, milik individu atau syarikat dengan bank serta institusi lain, sebelum ia menjadi rujukan semua institusi kewangan atau penyedia kredit di Malaysia.
Maklumat pinjaman Data CCRIS ini merangkumi maklumat pinjaman perumahan, kenderaan, peribadi, kad kredit, pendidikan, pinjaman yang dibuat bersama rakan atau keluarga. Sistem ini juga menyimpan maklumat permohonan pinjaman terbaru.
Ketua Cawangan Agensi Kaunseling dan Pengurusan Kredit (AKPK) Kuala Lumpur, Muhamad Rapidi Mohd Darus, berkata setiap kali seseorang itu memohon pinjaman baharu, bank akan merujuk kepada maklumat CCRIS.
Beliau berkata, sekiranya pemohon gagal atau sering lewat membayar hutang sedia ada, institusi kewangan mempunyai pilihan menolak permohonan baharu kerana laporan CCRIS itu memberi gambaran individu itu tidak menguruskan pinjaman dengan baik atau berdepan kemelut kewangan.
"Ada tiga komponen utama dalam laporan CCRIS iaitu kredit atau hutang belum jelas. Maklumat pada CCRIS merangkumi baki, had, kelakuan pembayaran dan status undang-undang jika ada. "Komponen kedua membabitkan akaun perhatian khas iaitu semua kemudahan kredit belum jelas dalam pengawasan rapi institusi kewangan, manakala ketiga ialah semua permohonan diluluskan kepada peminjam sepanjang 12 bulan lalu," katanya.
Muhamad Rapidi berkata, laporan CCRIS secara bercetak boleh diperoleh orang ramai menggunakan MyKad daripada kios yang disediakan BNM atau 11 cawangan AKPK di seluruh negara. Beliau berkata, AKPK sedia membantu orang ramai menguruskan kredit termasuk memberi penerangan mengenai laporan CCRIS dan khidmat nasihat.
"AKPK membantu orang ramai dengan menyediakan perkhidmatan pendidikan kewangan, kaunseling dan khidmat penstrukturan pembayaran dengan kerjasama institusi kewangan yang terbabit.
"Golongan muda kini mula sedar kepentingan pengurusan kewangan yang baik. Mereka datang mendapat khidmat nasihat dan ingin mengetahui berapa kapasiti pinjaman yang mereka lakukan berdasarkan pendapatan dan komitmen mereka serta cara pembayaran disyorkan," katanya.
Katanya, AKPK juga turut menandatangani perjanjian dengan Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) untuk membantu pelajar yang mempunyai masalah pembayaran.
Maklumat mengenai Biro Kredit boleh diperoleh di http//creditbureu.bnm.gov.my.
KUALA LUMPUR: Laporan daripada Sistem Maklumat Rujukan Kredit Pusat (CCRIS) didakwa menyebabkan ramai golongan muda sejak kebelakangan ini sukar mendapat kelulusan pinjaman bank, untuk membeli kereta atau rumah.
Kegagalan mendapat pinjaman terbabit, membuatkan golongan itu pantas menyalahkan agensi tertentu sebagai punca, sedangkan hakikatnya adalah kesilapan diri mereka yang gagal memahami fungsi CCRIS kepada institusi perbankan.
CCRIS adalah sistem berpusat dibangunkan Bank Negara Malaysia (BNM) bagi mengumpul dan menyimpan semua data berkaitan kredit atau hutang, milik individu atau syarikat dengan bank serta institusi lain, sebelum ia menjadi rujukan semua institusi kewangan atau penyedia kredit di Malaysia.
Maklumat pinjaman Data CCRIS ini merangkumi maklumat pinjaman perumahan, kenderaan, peribadi, kad kredit, pendidikan, pinjaman yang dibuat bersama rakan atau keluarga. Sistem ini juga menyimpan maklumat permohonan pinjaman terbaru.
Ketua Cawangan Agensi Kaunseling dan Pengurusan Kredit (AKPK) Kuala Lumpur, Muhamad Rapidi Mohd Darus, berkata setiap kali seseorang itu memohon pinjaman baharu, bank akan merujuk kepada maklumat CCRIS.
Beliau berkata, sekiranya pemohon gagal atau sering lewat membayar hutang sedia ada, institusi kewangan mempunyai pilihan menolak permohonan baharu kerana laporan CCRIS itu memberi gambaran individu itu tidak menguruskan pinjaman dengan baik atau berdepan kemelut kewangan.
"Ada tiga komponen utama dalam laporan CCRIS iaitu kredit atau hutang belum jelas. Maklumat pada CCRIS merangkumi baki, had, kelakuan pembayaran dan status undang-undang jika ada. "Komponen kedua membabitkan akaun perhatian khas iaitu semua kemudahan kredit belum jelas dalam pengawasan rapi institusi kewangan, manakala ketiga ialah semua permohonan diluluskan kepada peminjam sepanjang 12 bulan lalu," katanya.
Muhamad Rapidi berkata, laporan CCRIS secara bercetak boleh diperoleh orang ramai menggunakan MyKad daripada kios yang disediakan BNM atau 11 cawangan AKPK di seluruh negara. Beliau berkata, AKPK sedia membantu orang ramai menguruskan kredit termasuk memberi penerangan mengenai laporan CCRIS dan khidmat nasihat.
"AKPK membantu orang ramai dengan menyediakan perkhidmatan pendidikan kewangan, kaunseling dan khidmat penstrukturan pembayaran dengan kerjasama institusi kewangan yang terbabit.
"Golongan muda kini mula sedar kepentingan pengurusan kewangan yang baik. Mereka datang mendapat khidmat nasihat dan ingin mengetahui berapa kapasiti pinjaman yang mereka lakukan berdasarkan pendapatan dan komitmen mereka serta cara pembayaran disyorkan," katanya.
Katanya, AKPK juga turut menandatangani perjanjian dengan Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) untuk membantu pelajar yang mempunyai masalah pembayaran.
Maklumat mengenai Biro Kredit boleh diperoleh di http//creditbureu.bnm.gov.my.
Ogo 01, 2016 | BeritaHarianOnline
KUALA LUMPUR: Laporan daripada Sistem Maklumat Rujukan Kredit Pusat (CCRIS) didakwa menyebabkan ramai golongan muda sejak kebelakangan ini sukar mendapat kelulusan pinjaman bank, untuk membeli kereta atau rumah.
Kegagalan mendapat pinjaman terbabit, membuatkan golongan itu pantas menyalahkan agensi tertentu sebagai punca, sedangkan hakikatnya adalah kesilapan diri mereka yang gagal memahami fungsi CCRIS kepada institusi perbankan.
CCRIS adalah sistem berpusat dibangunkan Bank Negara Malaysia (BNM) bagi mengumpul dan menyimpan semua data berkaitan kredit atau hutang, milik individu atau syarikat dengan bank serta institusi lain, sebelum ia menjadi rujukan semua institusi kewangan atau penyedia kredit di Malaysia.
Maklumat pinjaman Data CCRIS ini merangkumi maklumat pinjaman perumahan, kenderaan, peribadi, kad kredit, pendidikan, pinjaman yang dibuat bersama rakan atau keluarga. Sistem ini juga menyimpan maklumat permohonan pinjaman terbaru.
Ketua Cawangan Agensi Kaunseling dan Pengurusan Kredit (AKPK) Kuala Lumpur, Muhamad Rapidi Mohd Darus, berkata setiap kali seseorang itu memohon pinjaman baharu, bank akan merujuk kepada maklumat CCRIS.
Beliau berkata, sekiranya pemohon gagal atau sering lewat membayar hutang sedia ada, institusi kewangan mempunyai pilihan menolak permohonan baharu kerana laporan CCRIS itu memberi gambaran individu itu tidak menguruskan pinjaman dengan baik atau berdepan kemelut kewangan.
"Ada tiga komponen utama dalam laporan CCRIS iaitu kredit atau hutang belum jelas. Maklumat pada CCRIS merangkumi baki, had, kelakuan pembayaran dan status undang-undang jika ada. "Komponen kedua membabitkan akaun perhatian khas iaitu semua kemudahan kredit belum jelas dalam pengawasan rapi institusi kewangan, manakala ketiga ialah semua permohonan diluluskan kepada peminjam sepanjang 12 bulan lalu," katanya.
Muhamad Rapidi berkata, laporan CCRIS secara bercetak boleh diperoleh orang ramai menggunakan MyKad daripada kios yang disediakan BNM atau 11 cawangan AKPK di seluruh negara. Beliau berkata, AKPK sedia membantu orang ramai menguruskan kredit termasuk memberi penerangan mengenai laporan CCRIS dan khidmat nasihat.
"AKPK membantu orang ramai dengan menyediakan perkhidmatan pendidikan kewangan, kaunseling dan khidmat penstrukturan pembayaran dengan kerjasama institusi kewangan yang terbabit.
"Golongan muda kini mula sedar kepentingan pengurusan kewangan yang baik. Mereka datang mendapat khidmat nasihat dan ingin mengetahui berapa kapasiti pinjaman yang mereka lakukan berdasarkan pendapatan dan komitmen mereka serta cara pembayaran disyorkan," katanya.
Katanya, AKPK juga turut menandatangani perjanjian dengan Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) untuk membantu pelajar yang mempunyai masalah pembayaran.
Maklumat mengenai Biro Kredit boleh diperoleh di http//creditbureu.bnm.gov.my.

KUANTAN: The Debt Management Programme (PPK) organised by the Credit Counselling and Debt Management Agency (AKPK) has succeeded in "releasing" 10,705 individuals from debts totalling RM437.4 million from 2006 to June 30 this year.
AKPK Financial Education department head Nor Akmar Yaakub said these individuals were among 155,147 people who had attended the programme and had managed to restructure their loans comprehensively.
Nor Akmar added that since 2007, the number of individuals who attended AKPK counselling sessions had been increasing each year and as at last June there were 449,834 participants.
"This upward trend indicates that debt awareness is increasing which is a good thing, nevertheless it is worrying to know that many have poor financial management.
"Some are aware of their debt problems, but their spending behaviour remains unchanged thus leading to debt problems," she told reporters after an AKPK gathering at Pahang National Archives Department here, today.
"The majority making up 39% are those between the ages of 30 to 40 years. Those aged 20 to 30 years make up 15% while those aged over 60 years make up 3%," she said.
Most young people start accumulating debts due to credit cards and personal loans as they would often live beyond their means once they were employed, she added.
Nor Akmar hoped that more people would seek AKPK counselling services available at 11 branches and 27 counselling offices operating in bank premises around Pahang, before they were made bankrupt for not settling their debts. — Bernama
KUANTAN: The Debt Management Programme (PPK) organised by the Credit Counselling and Debt Management Agency (AKPK) has succeeded in "releasing" 10,705 individuals from debts totalling RM437.4 million from 2006 to June 30 this year.
AKPK Financial Education department head Nor Akmar Yaakub said these individuals were among 155,147 people who had attended the programme and had managed to restructure their loans comprehensively.
Nor Akmar added that since 2007, the number of individuals who attended AKPK counselling sessions had been increasing each year and as at last June there were 449,834 participants.
"This upward trend indicates that debt awareness is increasing which is a good thing, nevertheless it is worrying to know that many have poor financial management.
"Some are aware of their debt problems, but their spending behaviour remains unchanged thus leading to debt problems," she told reporters after an AKPK gathering at Pahang National Archives Department here, today.
"The majority making up 39% are those between the ages of 30 to 40 years. Those aged 20 to 30 years make up 15% while those aged over 60 years make up 3%," she said.
Most young people start accumulating debts due to credit cards and personal loans as they would often live beyond their means once they were employed, she added.
Nor Akmar hoped that more people would seek AKPK counselling services available at 11 branches and 27 counselling offices operating in bank premises around Pahang, before they were made bankrupt for not settling their debts. — Bernama
Ogo 10, 2016 | TheSunDaily
KUANTAN: The Debt Management Programme (PPK) organised by the Credit Counselling and Debt Management Agency (AKPK) has succeeded in "releasing" 10,705 individuals from debts totalling RM437.4 million from 2006 to June 30 this year.
AKPK Financial Education department head Nor Akmar Yaakub said these individuals were among 155,147 people who had attended the programme and had managed to restructure their loans comprehensively.
Nor Akmar added that since 2007, the number of individuals who attended AKPK counselling sessions had been increasing each year and as at last June there were 449,834 participants.
"This upward trend indicates that debt awareness is increasing which is a good thing, nevertheless it is worrying to know that many have poor financial management.
"Some are aware of their debt problems, but their spending behaviour remains unchanged thus leading to debt problems," she told reporters after an AKPK gathering at Pahang National Archives Department here, today.
"The majority making up 39% are those between the ages of 30 to 40 years. Those aged 20 to 30 years make up 15% while those aged over 60 years make up 3%," she said.
Most young people start accumulating debts due to credit cards and personal loans as they would often live beyond their means once they were employed, she added.
Nor Akmar hoped that more people would seek AKPK counselling services available at 11 branches and 27 counselling offices operating in bank premises around Pahang, before they were made bankrupt for not settling their debts. — Bernama

KUANTAN: The Debt Management Programme (PPK) organised by the Credit Counselling and Debt Management Agency (AKPK) has succeeded in ‘releasing’ 10,705 individuals from debts totalling RM437.4 million from 2006 to June 30 this year.
AKPK Financial Education department head Nor Akmar Yaakub said these individuals were among 155,147 people who had attended the programme and had managed to restructure their loans comprehensively.
Nor Akmar added that since 2007, the number of individuals who attended AKPK counselling sessions had been increasing each year and as at last June there were 449,834 participants.
“This upward trend indicates that debt awareness is increasing which is a good thing, nevertheless it is worrying to know that many have poor financial management.
“Some are aware of their debt problems, but their spending behaviour remains unchanged thus leading to debt problems,” she told reporters after an AKPK gathering at Pahang National Archives Department here, yesterday.
“The majority making up 39 per cent are those between the ages of 30 to 40 years. Those aged 20 to 30 years make up 15 per cent while those aged over 60 years make up three per cent,” she said.
Most young people start accumulating debts due to credit cards and personal loans as they would often live beyond their means once they were employed, she added. — Bernama
KUANTAN: The Debt Management Programme (PPK) organised by the Credit Counselling and Debt Management Agency (AKPK) has succeeded in ‘releasing’ 10,705 individuals from debts totalling RM437.4 million from 2006 to June 30 this year.
AKPK Financial Education department head Nor Akmar Yaakub said these individuals were among 155,147 people who had attended the programme and had managed to restructure their loans comprehensively.
Nor Akmar added that since 2007, the number of individuals who attended AKPK counselling sessions had been increasing each year and as at last June there were 449,834 participants.
“This upward trend indicates that debt awareness is increasing which is a good thing, nevertheless it is worrying to know that many have poor financial management.
“Some are aware of their debt problems, but their spending behaviour remains unchanged thus leading to debt problems,” she told reporters after an AKPK gathering at Pahang National Archives Department here, yesterday.
“The majority making up 39 per cent are those between the ages of 30 to 40 years. Those aged 20 to 30 years make up 15 per cent while those aged over 60 years make up three per cent,” she said.
Most young people start accumulating debts due to credit cards and personal loans as they would often live beyond their means once they were employed, she added. — Bernama
Ogo 10, 2016 | BorneoPostOnline
KUANTAN: The Debt Management Programme (PPK) organised by the Credit Counselling and Debt Management Agency (AKPK) has succeeded in ‘releasing’ 10,705 individuals from debts totalling RM437.4 million from 2006 to June 30 this year.
AKPK Financial Education department head Nor Akmar Yaakub said these individuals were among 155,147 people who had attended the programme and had managed to restructure their loans comprehensively.
Nor Akmar added that since 2007, the number of individuals who attended AKPK counselling sessions had been increasing each year and as at last June there were 449,834 participants.
“This upward trend indicates that debt awareness is increasing which is a good thing, nevertheless it is worrying to know that many have poor financial management.
“Some are aware of their debt problems, but their spending behaviour remains unchanged thus leading to debt problems,” she told reporters after an AKPK gathering at Pahang National Archives Department here, yesterday.
“The majority making up 39 per cent are those between the ages of 30 to 40 years. Those aged 20 to 30 years make up 15 per cent while those aged over 60 years make up three per cent,” she said.
Most young people start accumulating debts due to credit cards and personal loans as they would often live beyond their means once they were employed, she added. — Bernama

AKPK selesai 10,705 kes pinjaman Terima bayaran balik RM437.4 juta menerusi PPK
Categories: UtusanMalaysiaOnlineKUANTAN 10 Ogos - Agensi Kaunseling dan Pengurusan Kredit (AKPK) menyelesaikan sebanyak 10,705 kes melibatkan bayaran balik pinjaman berjumlah RM437.4 juta menerusi Program Pengurusan Kredit (PPK) sejak lebih 10 tahun lalu.
Ketua Jabatan Pendidikan Kewangan AKPK, Nor Akmar Yaakub berkata, PPK merupakan antara perkhidmatan yang ditawarkan bagi membantu individu membuat penstrukturan semula hutang pelanggan secara menyeluruh dengan persetujuan daripada penyelia-penyelia kredit.
“Sejak 2006, seramai 155,147 daripada 449,834 pelanggan kami menyertai PPK kerana mempunyai beban hutang sehingga tidak berupaya membayar balik pinjaman disebabkan kegagalan dalam perancangan kewangan.
“Kita perlu mempunyai pelan perancangan dan pendidikan dalam menguruskan kewangan yang mana AKPK adalah tempat sesuai sebagai rujukan terutama untuk mendapat khidmat kaunseling,” katanya kepada pemberita selepas taklimat AKPK bersama institusi kewangan dan agensi kerajaan serta swasta, di sini hari ini.
Menurut Nor Akmar, masih ramai beranggapan agensi berkenaan menawarkan perkhidmatan kepada peminjam bermasalah tetapi hakikatnya AKPK berperanan membantu individu secara proaktif sama ada peminjam atau bakal peminjam.
Katanya, AKPK membantu merancang kewangan secara lebih bijak dan membuat keputusan kewangan yang baik.
“Mereka (peminjam) seharusnya datang ke AKPK sebelum diisytiharkan muflis dan bukannya datang selepas muflis untuk berjumpa kaunselor bagi melakukan penstrukturan semula hutang-hutang mereka,” ujarnya.
Tambahnya, AKPK kini bekerjasama dengan 83 institusi pengajian tinggi (IPT) menghasilkan modul pengurusan kewangan peribadi khusus kepada pelajar sebagai subjek elektif atau kokurikulum.
“Semua ini dilaksanakan demi masa depan generasi muda ke arah melaksanakan kewangan yang lebih terancang dan mengelak dibelenggu hutang tidak terkawal.
“Statistik menunjukkan sebanyak 55 peratus peminjam terjebak dengan hutang disebabkan pinjaman peribadi dan kad kredit. Individu paling muda diisytiharkan muflis berusia 23 tahun,” katanya.
AKPK selesai 10,705 kes pinjaman Terima bayaran balik RM437.4 juta menerusi PPK
Categories: UtusanMalaysiaOnlineKUANTAN 10 Ogos - Agensi Kaunseling dan Pengurusan Kredit (AKPK) menyelesaikan sebanyak 10,705 kes melibatkan bayaran balik pinjaman berjumlah RM437.4 juta menerusi Program Pengurusan Kredit (PPK) sejak lebih 10 tahun lalu.
Ketua Jabatan Pendidikan Kewangan AKPK, Nor Akmar Yaakub berkata, PPK merupakan antara perkhidmatan yang ditawarkan bagi membantu individu membuat penstrukturan semula hutang pelanggan secara menyeluruh dengan persetujuan daripada penyelia-penyelia kredit.
“Sejak 2006, seramai 155,147 daripada 449,834 pelanggan kami menyertai PPK kerana mempunyai beban hutang sehingga tidak berupaya membayar balik pinjaman disebabkan kegagalan dalam perancangan kewangan.
“Kita perlu mempunyai pelan perancangan dan pendidikan dalam menguruskan kewangan yang mana AKPK adalah tempat sesuai sebagai rujukan terutama untuk mendapat khidmat kaunseling,” katanya kepada pemberita selepas taklimat AKPK bersama institusi kewangan dan agensi kerajaan serta swasta, di sini hari ini.
Menurut Nor Akmar, masih ramai beranggapan agensi berkenaan menawarkan perkhidmatan kepada peminjam bermasalah tetapi hakikatnya AKPK berperanan membantu individu secara proaktif sama ada peminjam atau bakal peminjam.
Katanya, AKPK membantu merancang kewangan secara lebih bijak dan membuat keputusan kewangan yang baik.
“Mereka (peminjam) seharusnya datang ke AKPK sebelum diisytiharkan muflis dan bukannya datang selepas muflis untuk berjumpa kaunselor bagi melakukan penstrukturan semula hutang-hutang mereka,” ujarnya.
Tambahnya, AKPK kini bekerjasama dengan 83 institusi pengajian tinggi (IPT) menghasilkan modul pengurusan kewangan peribadi khusus kepada pelajar sebagai subjek elektif atau kokurikulum.
“Semua ini dilaksanakan demi masa depan generasi muda ke arah melaksanakan kewangan yang lebih terancang dan mengelak dibelenggu hutang tidak terkawal.
“Statistik menunjukkan sebanyak 55 peratus peminjam terjebak dengan hutang disebabkan pinjaman peribadi dan kad kredit. Individu paling muda diisytiharkan muflis berusia 23 tahun,” katanya.
Ogo 10, 2016 | UtusanMalaysiaOnline
AKPK selesai 10,705 kes pinjaman Terima bayaran balik RM437.4 juta menerusi PPK
Categories: UtusanMalaysiaOnlineKUANTAN 10 Ogos - Agensi Kaunseling dan Pengurusan Kredit (AKPK) menyelesaikan sebanyak 10,705 kes melibatkan bayaran balik pinjaman berjumlah RM437.4 juta menerusi Program Pengurusan Kredit (PPK) sejak lebih 10 tahun lalu.
Ketua Jabatan Pendidikan Kewangan AKPK, Nor Akmar Yaakub berkata, PPK merupakan antara perkhidmatan yang ditawarkan bagi membantu individu membuat penstrukturan semula hutang pelanggan secara menyeluruh dengan persetujuan daripada penyelia-penyelia kredit.
“Sejak 2006, seramai 155,147 daripada 449,834 pelanggan kami menyertai PPK kerana mempunyai beban hutang sehingga tidak berupaya membayar balik pinjaman disebabkan kegagalan dalam perancangan kewangan.
“Kita perlu mempunyai pelan perancangan dan pendidikan dalam menguruskan kewangan yang mana AKPK adalah tempat sesuai sebagai rujukan terutama untuk mendapat khidmat kaunseling,” katanya kepada pemberita selepas taklimat AKPK bersama institusi kewangan dan agensi kerajaan serta swasta, di sini hari ini.
Menurut Nor Akmar, masih ramai beranggapan agensi berkenaan menawarkan perkhidmatan kepada peminjam bermasalah tetapi hakikatnya AKPK berperanan membantu individu secara proaktif sama ada peminjam atau bakal peminjam.
Katanya, AKPK membantu merancang kewangan secara lebih bijak dan membuat keputusan kewangan yang baik.
“Mereka (peminjam) seharusnya datang ke AKPK sebelum diisytiharkan muflis dan bukannya datang selepas muflis untuk berjumpa kaunselor bagi melakukan penstrukturan semula hutang-hutang mereka,” ujarnya.
Tambahnya, AKPK kini bekerjasama dengan 83 institusi pengajian tinggi (IPT) menghasilkan modul pengurusan kewangan peribadi khusus kepada pelajar sebagai subjek elektif atau kokurikulum.
“Semua ini dilaksanakan demi masa depan generasi muda ke arah melaksanakan kewangan yang lebih terancang dan mengelak dibelenggu hutang tidak terkawal.
“Statistik menunjukkan sebanyak 55 peratus peminjam terjebak dengan hutang disebabkan pinjaman peribadi dan kad kredit. Individu paling muda diisytiharkan muflis berusia 23 tahun,” katanya.

By S. SHAMALA
KOTA KINABALU: Around 10, 705 Malaysians have successfully freed themselves from the tangling web of debts worth RM437.4 million after enrolling in the Debt Management Programme (DMP) conducted by Bank Negara’s Counselling and Credit Management Agency (AKPK) as at June this year.
Currently, a total number of 155,147 individuals are enrolled in the DMP with Sabahans constituting 10 to 15 per cent of the number, the central bank’s Sabah regional head cum credit counsellor Idris Kasim told New Sabah Times in an exclusive interview.
Idris revealed AKPK, which is a wholly owned subsidiary of Bank Negara, received an average of 300 clients per month throughout Sabah, who sought advice and financial counselling provided by the agency.
The services are absolutely free of charge and comply with the PDPA (Personal Data Protection Act).
“The agency works as the middle person between the public and financial institutions, namely banks to strike a deal on restructuring their loans, whether secured or unsecured.
“Once the agency intervenes, the loans can be rescheduled to up to 10 years. Some can even be settled earlier,” Idris said, adding that discipline is the key element in clearing the debts.
He also said that the agency was able to request the banks to lower the interest rate of the loans, depending on the cases.
The AKPK, he added, would deal with each and every financial institution involved to come up with a comprehensive solution for the clients.
He recalled that a client, a taxi driver was debt-ridden when he approached AKPK.
“He had seven credit cards and was earning around RM3,000 monthly. However, the credit card payments take up more than half the amount of his earning.
“Therefore, we advised him to reschedule his payments and requested for lower interest rate. He was able to clear his outstanding within four years,” Idris said.
However, Idris admitted that there were certain criteria that individuals needed to fulfil to be eligible for the service offered by the agency.
“Firstly, they must not have been declared bankrupt. Secondly, if there are loans under advance litigation stage, whether the bank has proceeded with bankruptcy, garnish or seizure or the bank had proceeded for judgment, they are not eligible to be enrolled in the DMP.
“Thirdly, the individuals have to prove that they have some excess amount of money from their net income, called net disposable income, that can be used to settle the loans,” he said.
However, he said consideration would be given if clients were able to negotiate with the banks to withhold all legal proceedings.
Another pre-requirement for DMP is the financial institution that provided the loans must come under Bank Negara’s purview.
Currently, there is one full AKPK branch in the Bank Negara building in Kota Kinabalu and three counselling offices – one each in Sandakan, Tawau and Beaufort – operating in other bank premises.
“In Sandakan, we are at Maybank at Harbour Square, in Tawau we are using RHB Bank and in Beaufort, we are at Bank Simpanan Nasional,” Idris said.
“The office in Beaufort can be visited by those in Kuala Penyu and Labuan instead of travelling all the way to Kota Kinabalu. It is even visited by Sarawakians from Miri, Limbang and Lawas who find it nearer than Kuching office,” he added.
There are also plans to open branches in Ranau, Labuan, Keningau and Lahad Datu.
The agency was set up 10 years ago in view of the swelling number of non-performing loans in the country.
“Bank Negara’s objective is to inculcate the culture of prudential personal financial management besides trying to create a robust banking environment as the banking sector was facing loan recovery problems.
“The percentage of non-performing loans was increasing year by year, hence this agency was conceived to aid the public,” Idris said.
The core services offered by AKPK included financial education, counselling and the DMP.
“Financial education is more on creating awareness. We give about 10 to 15 financial talks every month all over Sabah.
“We have a few syllabuses to suit the different needs of different categories of people. For example, students of higher learning institutions, those who just enter the workforce as well as retirees,” Idris said, adding that a programme called POWER Programme was designed to equip individuals with essential financial knowledge and ability to make responsible financial decisions.
According to statistics provided by AKPK, 51 per cent had financial woes due to poor financial planning; failure or slowdown in business (15.2 per cent); high medical expenses (11.7 per cent); job loss or loss of breadwinners (9.6 per cent); struggling due to high cost of living (9.3 per cent) while 3.1 per cent due to other factors.
By S. SHAMALA
KOTA KINABALU: Around 10, 705 Malaysians have successfully freed themselves from the tangling web of debts worth RM437.4 million after enrolling in the Debt Management Programme (DMP) conducted by Bank Negara’s Counselling and Credit Management Agency (AKPK) as at June this year.
Currently, a total number of 155,147 individuals are enrolled in the DMP with Sabahans constituting 10 to 15 per cent of the number, the central bank’s Sabah regional head cum credit counsellor Idris Kasim told New Sabah Times in an exclusive interview.
Idris revealed AKPK, which is a wholly owned subsidiary of Bank Negara, received an average of 300 clients per month throughout Sabah, who sought advice and financial counselling provided by the agency.
The services are absolutely free of charge and comply with the PDPA (Personal Data Protection Act).
“The agency works as the middle person between the public and financial institutions, namely banks to strike a deal on restructuring their loans, whether secured or unsecured.
“Once the agency intervenes, the loans can be rescheduled to up to 10 years. Some can even be settled earlier,” Idris said, adding that discipline is the key element in clearing the debts.
He also said that the agency was able to request the banks to lower the interest rate of the loans, depending on the cases.
The AKPK, he added, would deal with each and every financial institution involved to come up with a comprehensive solution for the clients.
He recalled that a client, a taxi driver was debt-ridden when he approached AKPK.
“He had seven credit cards and was earning around RM3,000 monthly. However, the credit card payments take up more than half the amount of his earning.
“Therefore, we advised him to reschedule his payments and requested for lower interest rate. He was able to clear his outstanding within four years,” Idris said.
However, Idris admitted that there were certain criteria that individuals needed to fulfil to be eligible for the service offered by the agency.
“Firstly, they must not have been declared bankrupt. Secondly, if there are loans under advance litigation stage, whether the bank has proceeded with bankruptcy, garnish or seizure or the bank had proceeded for judgment, they are not eligible to be enrolled in the DMP.
“Thirdly, the individuals have to prove that they have some excess amount of money from their net income, called net disposable income, that can be used to settle the loans,” he said.
However, he said consideration would be given if clients were able to negotiate with the banks to withhold all legal proceedings.
Another pre-requirement for DMP is the financial institution that provided the loans must come under Bank Negara’s purview.
Currently, there is one full AKPK branch in the Bank Negara building in Kota Kinabalu and three counselling offices – one each in Sandakan, Tawau and Beaufort – operating in other bank premises.
“In Sandakan, we are at Maybank at Harbour Square, in Tawau we are using RHB Bank and in Beaufort, we are at Bank Simpanan Nasional,” Idris said.
“The office in Beaufort can be visited by those in Kuala Penyu and Labuan instead of travelling all the way to Kota Kinabalu. It is even visited by Sarawakians from Miri, Limbang and Lawas who find it nearer than Kuching office,” he added.
There are also plans to open branches in Ranau, Labuan, Keningau and Lahad Datu.
The agency was set up 10 years ago in view of the swelling number of non-performing loans in the country.
“Bank Negara’s objective is to inculcate the culture of prudential personal financial management besides trying to create a robust banking environment as the banking sector was facing loan recovery problems.
“The percentage of non-performing loans was increasing year by year, hence this agency was conceived to aid the public,” Idris said.
The core services offered by AKPK included financial education, counselling and the DMP.
“Financial education is more on creating awareness. We give about 10 to 15 financial talks every month all over Sabah.
“We have a few syllabuses to suit the different needs of different categories of people. For example, students of higher learning institutions, those who just enter the workforce as well as retirees,” Idris said, adding that a programme called POWER Programme was designed to equip individuals with essential financial knowledge and ability to make responsible financial decisions.
According to statistics provided by AKPK, 51 per cent had financial woes due to poor financial planning; failure or slowdown in business (15.2 per cent); high medical expenses (11.7 per cent); job loss or loss of breadwinners (9.6 per cent); struggling due to high cost of living (9.3 per cent) while 3.1 per cent due to other factors.
Ogo 13, 2016 | NewSabahTimes
By S. SHAMALA
KOTA KINABALU: Around 10, 705 Malaysians have successfully freed themselves from the tangling web of debts worth RM437.4 million after enrolling in the Debt Management Programme (DMP) conducted by Bank Negara’s Counselling and Credit Management Agency (AKPK) as at June this year.
Currently, a total number of 155,147 individuals are enrolled in the DMP with Sabahans constituting 10 to 15 per cent of the number, the central bank’s Sabah regional head cum credit counsellor Idris Kasim told New Sabah Times in an exclusive interview.
Idris revealed AKPK, which is a wholly owned subsidiary of Bank Negara, received an average of 300 clients per month throughout Sabah, who sought advice and financial counselling provided by the agency.
The services are absolutely free of charge and comply with the PDPA (Personal Data Protection Act).
“The agency works as the middle person between the public and financial institutions, namely banks to strike a deal on restructuring their loans, whether secured or unsecured.
“Once the agency intervenes, the loans can be rescheduled to up to 10 years. Some can even be settled earlier,” Idris said, adding that discipline is the key element in clearing the debts.
He also said that the agency was able to request the banks to lower the interest rate of the loans, depending on the cases.
The AKPK, he added, would deal with each and every financial institution involved to come up with a comprehensive solution for the clients.
He recalled that a client, a taxi driver was debt-ridden when he approached AKPK.
“He had seven credit cards and was earning around RM3,000 monthly. However, the credit card payments take up more than half the amount of his earning.
“Therefore, we advised him to reschedule his payments and requested for lower interest rate. He was able to clear his outstanding within four years,” Idris said.
However, Idris admitted that there were certain criteria that individuals needed to fulfil to be eligible for the service offered by the agency.
“Firstly, they must not have been declared bankrupt. Secondly, if there are loans under advance litigation stage, whether the bank has proceeded with bankruptcy, garnish or seizure or the bank had proceeded for judgment, they are not eligible to be enrolled in the DMP.
“Thirdly, the individuals have to prove that they have some excess amount of money from their net income, called net disposable income, that can be used to settle the loans,” he said.
However, he said consideration would be given if clients were able to negotiate with the banks to withhold all legal proceedings.
Another pre-requirement for DMP is the financial institution that provided the loans must come under Bank Negara’s purview.
Currently, there is one full AKPK branch in the Bank Negara building in Kota Kinabalu and three counselling offices – one each in Sandakan, Tawau and Beaufort – operating in other bank premises.
“In Sandakan, we are at Maybank at Harbour Square, in Tawau we are using RHB Bank and in Beaufort, we are at Bank Simpanan Nasional,” Idris said.
“The office in Beaufort can be visited by those in Kuala Penyu and Labuan instead of travelling all the way to Kota Kinabalu. It is even visited by Sarawakians from Miri, Limbang and Lawas who find it nearer than Kuching office,” he added.
There are also plans to open branches in Ranau, Labuan, Keningau and Lahad Datu.
The agency was set up 10 years ago in view of the swelling number of non-performing loans in the country.
“Bank Negara’s objective is to inculcate the culture of prudential personal financial management besides trying to create a robust banking environment as the banking sector was facing loan recovery problems.
“The percentage of non-performing loans was increasing year by year, hence this agency was conceived to aid the public,” Idris said.
The core services offered by AKPK included financial education, counselling and the DMP.
“Financial education is more on creating awareness. We give about 10 to 15 financial talks every month all over Sabah.
“We have a few syllabuses to suit the different needs of different categories of people. For example, students of higher learning institutions, those who just enter the workforce as well as retirees,” Idris said, adding that a programme called POWER Programme was designed to equip individuals with essential financial knowledge and ability to make responsible financial decisions.
According to statistics provided by AKPK, 51 per cent had financial woes due to poor financial planning; failure or slowdown in business (15.2 per cent); high medical expenses (11.7 per cent); job loss or loss of breadwinners (9.6 per cent); struggling due to high cost of living (9.3 per cent) while 3.1 per cent due to other factors.

IN my previous article, I shared the impact of high credit card interest rate that many have overlooked and hence, overspent. Interestingly, there are loans outside the confines of financial institutions that affect the mass. These loans are largely unregulated and therefore, more painful in terms of financial burden and emotional stress when the loan and interest cannot be repaid on time.
Every now and then, I will receive text messages from unknown contacts offering loans at “attractive” rates. A check with my close associates indicates that I am not alone in receiving such messages. These messages and those stickers offering loans on the streets share the same traits, i.e. easy loan with no pre-qualification required. Example – “Borrow RM1,000, and return RM200 monthly for six months”.
At first glance, it seems like the interest rate for the loan is 20%. However, as the repayment period is only six months, it is actually 40% per annum! This rate is 11 times higher compared with the average fixed deposit rate of 3.5% per annum in the market.
These loans are offered mostly by unlicensed moneylenders, otherwise commonly known as “loan sharks”. According to a news article published in The Star recently, the interest they charged are mostly counted based on monthly or even daily rest basis.
It is learnt from the article that people usually borrow between RM1,000 and RM10,000 at an interest rate of 0.5% to 1% per day. This works up to about 15% to 30% monthly. When the loan is defaulted, another 5% is added as a late repayment penalty.
It therefore becomes evident that the borrowers of such loans face immense problem repaying their loans. They will generally end up borrowing from other moneylender to cover their existing loan which will lead them to more debts. Imagine the emotional stress from harassment when they are unable to serve the interest.
Sadly, this loan with its easy application process and low requirement attracts people who are financially desperate, regardless of professional or income group.
Bank Negara has announced that Malaysia’s household debt-to-gross domestic product (GDP) ratio has increased from 86.8% to 89.1% as of 2015. We have one of the highest household debts in the region without including the unregulated loans from these “moneylenders”. I wonder how this “shadow banking” or “off balance sheet transaction” impact our people and economy.
To protect the rakyat, the government should look at strengthening the enforcement of eliminating illegal money lending.
As the saying goes “where there is demand, there is supply”. Hence the key is to first understand why people resort to borrowing from these “moneylenders”. It is important to strengthen financial education and awareness of public through various channels.
People, especially children, should be taught to borrow for the right things from young, and understand the difference between good debt and bad debt. More importantly, people should learn to ask themselves if there is a real need to borrow. Borrowing money to buy assets that depreciate over a short period of time, such as cars and luxury items is deemed as “bad debt”. This is in stark contrast to “good debt”, such as buying a home or asset that has the possibility of appreciating in the long term, and at the same time, paying a much lower interest rate compared with bad debts.
For people with a genuine need for financing, there are many other options such as borrowing from the banks and legal money lenders, or even to the explore “fintech”, a financial technology which offers more efficient and cheaper financial services through the use of technology. Again, it is important to ensure these channels are legal and well regulated.
Borrowing from unregulated moneylenders is like jumping from the frying pan into the fire. It is important to have wise financial planning in the first place and always seek advice before doing anything financially. One may get advice from government agencies, such as Agensi Kaunseling dan Pengurusan Kredit, when faced with financial challenges.
Datuk Alan Tong has over 50 years of experience in property development. He was the World President of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.
IN my previous article, I shared the impact of high credit card interest rate that many have overlooked and hence, overspent. Interestingly, there are loans outside the confines of financial institutions that affect the mass. These loans are largely unregulated and therefore, more painful in terms of financial burden and emotional stress when the loan and interest cannot be repaid on time.
Every now and then, I will receive text messages from unknown contacts offering loans at “attractive” rates. A check with my close associates indicates that I am not alone in receiving such messages. These messages and those stickers offering loans on the streets share the same traits, i.e. easy loan with no pre-qualification required. Example – “Borrow RM1,000, and return RM200 monthly for six months”.
At first glance, it seems like the interest rate for the loan is 20%. However, as the repayment period is only six months, it is actually 40% per annum! This rate is 11 times higher compared with the average fixed deposit rate of 3.5% per annum in the market.
These loans are offered mostly by unlicensed moneylenders, otherwise commonly known as “loan sharks”. According to a news article published in The Star recently, the interest they charged are mostly counted based on monthly or even daily rest basis.
It is learnt from the article that people usually borrow between RM1,000 and RM10,000 at an interest rate of 0.5% to 1% per day. This works up to about 15% to 30% monthly. When the loan is defaulted, another 5% is added as a late repayment penalty.
It therefore becomes evident that the borrowers of such loans face immense problem repaying their loans. They will generally end up borrowing from other moneylender to cover their existing loan which will lead them to more debts. Imagine the emotional stress from harassment when they are unable to serve the interest.
Sadly, this loan with its easy application process and low requirement attracts people who are financially desperate, regardless of professional or income group.
Bank Negara has announced that Malaysia’s household debt-to-gross domestic product (GDP) ratio has increased from 86.8% to 89.1% as of 2015. We have one of the highest household debts in the region without including the unregulated loans from these “moneylenders”. I wonder how this “shadow banking” or “off balance sheet transaction” impact our people and economy.
To protect the rakyat, the government should look at strengthening the enforcement of eliminating illegal money lending.
As the saying goes “where there is demand, there is supply”. Hence the key is to first understand why people resort to borrowing from these “moneylenders”. It is important to strengthen financial education and awareness of public through various channels.
People, especially children, should be taught to borrow for the right things from young, and understand the difference between good debt and bad debt. More importantly, people should learn to ask themselves if there is a real need to borrow. Borrowing money to buy assets that depreciate over a short period of time, such as cars and luxury items is deemed as “bad debt”. This is in stark contrast to “good debt”, such as buying a home or asset that has the possibility of appreciating in the long term, and at the same time, paying a much lower interest rate compared with bad debts.
For people with a genuine need for financing, there are many other options such as borrowing from the banks and legal money lenders, or even to the explore “fintech”, a financial technology which offers more efficient and cheaper financial services through the use of technology. Again, it is important to ensure these channels are legal and well regulated.
Borrowing from unregulated moneylenders is like jumping from the frying pan into the fire. It is important to have wise financial planning in the first place and always seek advice before doing anything financially. One may get advice from government agencies, such as Agensi Kaunseling dan Pengurusan Kredit, when faced with financial challenges.
Datuk Alan Tong has over 50 years of experience in property development. He was the World President of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.
Ogo 13, 2016 | TheStarOnline
IN my previous article, I shared the impact of high credit card interest rate that many have overlooked and hence, overspent. Interestingly, there are loans outside the confines of financial institutions that affect the mass. These loans are largely unregulated and therefore, more painful in terms of financial burden and emotional stress when the loan and interest cannot be repaid on time.
Every now and then, I will receive text messages from unknown contacts offering loans at “attractive” rates. A check with my close associates indicates that I am not alone in receiving such messages. These messages and those stickers offering loans on the streets share the same traits, i.e. easy loan with no pre-qualification required. Example – “Borrow RM1,000, and return RM200 monthly for six months”.
At first glance, it seems like the interest rate for the loan is 20%. However, as the repayment period is only six months, it is actually 40% per annum! This rate is 11 times higher compared with the average fixed deposit rate of 3.5% per annum in the market.
These loans are offered mostly by unlicensed moneylenders, otherwise commonly known as “loan sharks”. According to a news article published in The Star recently, the interest they charged are mostly counted based on monthly or even daily rest basis.
It is learnt from the article that people usually borrow between RM1,000 and RM10,000 at an interest rate of 0.5% to 1% per day. This works up to about 15% to 30% monthly. When the loan is defaulted, another 5% is added as a late repayment penalty.
It therefore becomes evident that the borrowers of such loans face immense problem repaying their loans. They will generally end up borrowing from other moneylender to cover their existing loan which will lead them to more debts. Imagine the emotional stress from harassment when they are unable to serve the interest.
Sadly, this loan with its easy application process and low requirement attracts people who are financially desperate, regardless of professional or income group.
Bank Negara has announced that Malaysia’s household debt-to-gross domestic product (GDP) ratio has increased from 86.8% to 89.1% as of 2015. We have one of the highest household debts in the region without including the unregulated loans from these “moneylenders”. I wonder how this “shadow banking” or “off balance sheet transaction” impact our people and economy.
To protect the rakyat, the government should look at strengthening the enforcement of eliminating illegal money lending.
As the saying goes “where there is demand, there is supply”. Hence the key is to first understand why people resort to borrowing from these “moneylenders”. It is important to strengthen financial education and awareness of public through various channels.
People, especially children, should be taught to borrow for the right things from young, and understand the difference between good debt and bad debt. More importantly, people should learn to ask themselves if there is a real need to borrow. Borrowing money to buy assets that depreciate over a short period of time, such as cars and luxury items is deemed as “bad debt”. This is in stark contrast to “good debt”, such as buying a home or asset that has the possibility of appreciating in the long term, and at the same time, paying a much lower interest rate compared with bad debts.
For people with a genuine need for financing, there are many other options such as borrowing from the banks and legal money lenders, or even to the explore “fintech”, a financial technology which offers more efficient and cheaper financial services through the use of technology. Again, it is important to ensure these channels are legal and well regulated.
Borrowing from unregulated moneylenders is like jumping from the frying pan into the fire. It is important to have wise financial planning in the first place and always seek advice before doing anything financially. One may get advice from government agencies, such as Agensi Kaunseling dan Pengurusan Kredit, when faced with financial challenges.
Datuk Alan Tong has over 50 years of experience in property development. He was the World President of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.

Easy Access To Personal Loans, Credit Cards Causing Household Debt To Balloon - Economist
Categories: BernamaOnlineBy Nur Aimidiyana Zuher
KUALA LUMPUR (Bernama) -- Easy access to personal loans and credit cards is one of the main reasons for Malaysia's rather high household debt level, according to an economist.
Making the situation worse are the numerous illegal loan sharks or Ah Long, from whom personal loans are readily available but at steep interest rates, said Prof Dr Shazali Abu Mansor, who is the dean of the Economics and Business Faculty at Universiti Malaysia Sarawak.
He said debts incurred through loans taken from Ah Long and credit card spending need close monitoring as they can have a negative impact on household debt.
"These days, even fresh graduates can apply for credit cards and this makes it easy for them to buy stuff online," he said, adding that what he was really concerned about were the loans secured from loan sharks.
"Because they are illegal and unregulated, no one is monitoring these Ah Long. And, the worrying part is we don't know how much of household debt consists of loans taken from Ah Long," said Shazali, adding that it was time the authorities zeroed in on household debt arising from loans procured from unregulated sources.
It was reported last month that Malaysia's household debt was among the highest in Asia, currently standing at 89 per cent of the gross domestic product.
Bank Negara Malaysia (BNM) Governor Datuk Muhammad Ibrahim had said that the household debt was one of the areas being monitored by the central bank on a regular basis.
KEEPING UP WITH THE JONESES
Shazali said he was also concerned that many consumers were taking loans to buy luxury goods, hold lavish weddings and spend on other unnecessaries, in an effort to "keep up with the Joneses".
"Perhaps the relevant agencies (banks and financial institutions) should rethink their loan approval mechanism and provide their customers with a deeper understanding of the concept of debt, thereby educating them to spend prudently," he told Bernama.
Pointing out that debts could either be productive or unproductive, Shazali said the former included housing loans and loans taken to purchase Amanah Saham Bumiputera units that yield good returns.
"Those loans taken to buy luxury goods, etc. are unproductive as they don't yield any returns and only serve to burden the individuals concerned," he said.
BANE OF MATERIAL PURSUITS
Head of Universiti Putra Malaysia's Department of Resource Management and Consumer Studies Asso Prof Dr Mohamad Fazli Sabri also blamed materialism for compelling people to live beyond their means and get heavily in debt.
"Some people get carried away by their material pursuits and often buy things that they can't afford, just because their friends have them.
"There's also a tendency for such people to take loans to invest in, what appears to be, shady investment schemes that promise huge returns and in the end, they get their fingers burned," he said.
Mohamad Fazli said an individual would be treading dangerous territory if their total debt exceeded 40 per cent of their gross income.
"But they are safe as long as they make the repayments on time," he said, adding that indebtedness was not necessarily "a bad thing" if the loans were utilised for good purposes like funding higher education or buying a house.
"Of course, it's a different story if one gets into debt just to buy branded items."
Mohamad Fazli also urged the public to check their current credit records via the Central Credit Reference Information System (CCRIS), a computerised database system created by BNM providing credit information on all borrowers in Malaysia.
"It's important that they check their status via CCRIS from time to time because some people may have forgotten exactly how many loans they have taken. Their outstanding loans will serve as a warning to them not to take any new loans," he said.
He also advised the public to contact the Counselling and Debt Management Agency (AKPK) if they have problems managing their finances.
AKPK was set up by BNM in 2006 to provide financial counselling to individuals and enable them to manage their debts and regain financial control.
-- BERNAMA
Easy Access To Personal Loans, Credit Cards Causing Household Debt To Balloon - Economist
Categories: BernamaOnlineBy Nur Aimidiyana Zuher
KUALA LUMPUR (Bernama) -- Easy access to personal loans and credit cards is one of the main reasons for Malaysia's rather high household debt level, according to an economist.
Making the situation worse are the numerous illegal loan sharks or Ah Long, from whom personal loans are readily available but at steep interest rates, said Prof Dr Shazali Abu Mansor, who is the dean of the Economics and Business Faculty at Universiti Malaysia Sarawak.
He said debts incurred through loans taken from Ah Long and credit card spending need close monitoring as they can have a negative impact on household debt.
"These days, even fresh graduates can apply for credit cards and this makes it easy for them to buy stuff online," he said, adding that what he was really concerned about were the loans secured from loan sharks.
"Because they are illegal and unregulated, no one is monitoring these Ah Long. And, the worrying part is we don't know how much of household debt consists of loans taken from Ah Long," said Shazali, adding that it was time the authorities zeroed in on household debt arising from loans procured from unregulated sources.
It was reported last month that Malaysia's household debt was among the highest in Asia, currently standing at 89 per cent of the gross domestic product.
Bank Negara Malaysia (BNM) Governor Datuk Muhammad Ibrahim had said that the household debt was one of the areas being monitored by the central bank on a regular basis.
KEEPING UP WITH THE JONESES
Shazali said he was also concerned that many consumers were taking loans to buy luxury goods, hold lavish weddings and spend on other unnecessaries, in an effort to "keep up with the Joneses".
"Perhaps the relevant agencies (banks and financial institutions) should rethink their loan approval mechanism and provide their customers with a deeper understanding of the concept of debt, thereby educating them to spend prudently," he told Bernama.
Pointing out that debts could either be productive or unproductive, Shazali said the former included housing loans and loans taken to purchase Amanah Saham Bumiputera units that yield good returns.
"Those loans taken to buy luxury goods, etc. are unproductive as they don't yield any returns and only serve to burden the individuals concerned," he said.
BANE OF MATERIAL PURSUITS
Head of Universiti Putra Malaysia's Department of Resource Management and Consumer Studies Asso Prof Dr Mohamad Fazli Sabri also blamed materialism for compelling people to live beyond their means and get heavily in debt.
"Some people get carried away by their material pursuits and often buy things that they can't afford, just because their friends have them.
"There's also a tendency for such people to take loans to invest in, what appears to be, shady investment schemes that promise huge returns and in the end, they get their fingers burned," he said.
Mohamad Fazli said an individual would be treading dangerous territory if their total debt exceeded 40 per cent of their gross income.
"But they are safe as long as they make the repayments on time," he said, adding that indebtedness was not necessarily "a bad thing" if the loans were utilised for good purposes like funding higher education or buying a house.
"Of course, it's a different story if one gets into debt just to buy branded items."
Mohamad Fazli also urged the public to check their current credit records via the Central Credit Reference Information System (CCRIS), a computerised database system created by BNM providing credit information on all borrowers in Malaysia.
"It's important that they check their status via CCRIS from time to time because some people may have forgotten exactly how many loans they have taken. Their outstanding loans will serve as a warning to them not to take any new loans," he said.
He also advised the public to contact the Counselling and Debt Management Agency (AKPK) if they have problems managing their finances.
AKPK was set up by BNM in 2006 to provide financial counselling to individuals and enable them to manage their debts and regain financial control.
-- BERNAMA
Ogo 19, 2016 | BernamaOnline
Easy Access To Personal Loans, Credit Cards Causing Household Debt To Balloon - Economist
Categories: BernamaOnlineBy Nur Aimidiyana Zuher
KUALA LUMPUR (Bernama) -- Easy access to personal loans and credit cards is one of the main reasons for Malaysia's rather high household debt level, according to an economist.
Making the situation worse are the numerous illegal loan sharks or Ah Long, from whom personal loans are readily available but at steep interest rates, said Prof Dr Shazali Abu Mansor, who is the dean of the Economics and Business Faculty at Universiti Malaysia Sarawak.
He said debts incurred through loans taken from Ah Long and credit card spending need close monitoring as they can have a negative impact on household debt.
"These days, even fresh graduates can apply for credit cards and this makes it easy for them to buy stuff online," he said, adding that what he was really concerned about were the loans secured from loan sharks.
"Because they are illegal and unregulated, no one is monitoring these Ah Long. And, the worrying part is we don't know how much of household debt consists of loans taken from Ah Long," said Shazali, adding that it was time the authorities zeroed in on household debt arising from loans procured from unregulated sources.
It was reported last month that Malaysia's household debt was among the highest in Asia, currently standing at 89 per cent of the gross domestic product.
Bank Negara Malaysia (BNM) Governor Datuk Muhammad Ibrahim had said that the household debt was one of the areas being monitored by the central bank on a regular basis.
KEEPING UP WITH THE JONESES
Shazali said he was also concerned that many consumers were taking loans to buy luxury goods, hold lavish weddings and spend on other unnecessaries, in an effort to "keep up with the Joneses".
"Perhaps the relevant agencies (banks and financial institutions) should rethink their loan approval mechanism and provide their customers with a deeper understanding of the concept of debt, thereby educating them to spend prudently," he told Bernama.
Pointing out that debts could either be productive or unproductive, Shazali said the former included housing loans and loans taken to purchase Amanah Saham Bumiputera units that yield good returns.
"Those loans taken to buy luxury goods, etc. are unproductive as they don't yield any returns and only serve to burden the individuals concerned," he said.
BANE OF MATERIAL PURSUITS
Head of Universiti Putra Malaysia's Department of Resource Management and Consumer Studies Asso Prof Dr Mohamad Fazli Sabri also blamed materialism for compelling people to live beyond their means and get heavily in debt.
"Some people get carried away by their material pursuits and often buy things that they can't afford, just because their friends have them.
"There's also a tendency for such people to take loans to invest in, what appears to be, shady investment schemes that promise huge returns and in the end, they get their fingers burned," he said.
Mohamad Fazli said an individual would be treading dangerous territory if their total debt exceeded 40 per cent of their gross income.
"But they are safe as long as they make the repayments on time," he said, adding that indebtedness was not necessarily "a bad thing" if the loans were utilised for good purposes like funding higher education or buying a house.
"Of course, it's a different story if one gets into debt just to buy branded items."
Mohamad Fazli also urged the public to check their current credit records via the Central Credit Reference Information System (CCRIS), a computerised database system created by BNM providing credit information on all borrowers in Malaysia.
"It's important that they check their status via CCRIS from time to time because some people may have forgotten exactly how many loans they have taken. Their outstanding loans will serve as a warning to them not to take any new loans," he said.
He also advised the public to contact the Counselling and Debt Management Agency (AKPK) if they have problems managing their finances.
AKPK was set up by BNM in 2006 to provide financial counselling to individuals and enable them to manage their debts and regain financial control.
-- BERNAMA
Arkib
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