Wedding debt a serious problem

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Article from The Sun Daily dated 24 October 2012

 

KUALA LUMPUR (Oct 24, 2012):The problem of Malaysians running up debts because of their weddings has become serious, Nanyang Siang Pau and Oriental Daily News reported yesterday.

 

Credit Counselling and Debt Management Agency (AKPK) chief executive officer Koid Swee Lian advised young couples who are planning their weddings to consult the agency for advice and guidance.

 

She said the agency found that it has become increasingly common for Malaysians to take loans or depend on their credit cards to pay for their marriage expenses.

 

The money is usually spent on wedding receptions or infant formula when the first-born arrives.

 

She said many factors cause married couples to run into debt, chief among them being the hefty wedding bill.

 

She disclosed that a would-be-bride once sought the agency's help because her mother was asking the would-be-groom for RM20,000 in dowry.

 

"We also found parents taking out their EPF to help pay for their children's weddings. This is not encouraged," she said.

 

According to statistics, from 2006 to September this year, a total of 198,870 people had sought AKPK's help and 81,596 of them are enrolled in the agency's debt management programme.