If all else fails and you require professional help, you can always seek the help of the Credit Counselling and Debt Management Agency (AKPK). AKPK is an agency set up by Bank Negara Malaysia to help individuals take control of their financial situation.. They will study your financial position and create a plan that specifically caters to your needs. Additionally, they will also provide advice on prudent financial management so that you won’t fall into another debt trap. Best of all, the services are free.
At the end of the day, being in debt is not necessarily a bad thing. In fact, if you borrow cautiously, it can actually help you increase your financial wealth. That said, poor debt management could land you in financial hardship. Before diving into such considerations, try clearing your debt and make a financial plan first. Don’t run before you can walk is the key here. The goal of taking control of your finances is to increase your cash flow each month. By reducing your debt, you free up space to explore more options to land yourself in a more comfortable situation.