MELAKA, The Melaka branch of the National Credit Counseling and Management Agency (AKPK) has restructured 2,107 credit card facilities of youths in Melaka aged between 20 and 30, from 2006 to March under the debt restructuring assistance (PPK).
Head of the branch Mohammad Farid Fadzil said those aged between 27 and 30, make up the highest proportion of applications at 84 per cent of the total number of the agency’s clients at the branch.
Mohammad Farid said the AKPK Financial Education Wellness Research Commiitee (FEWRC) which carried out a survey on the habit of spending among Malaysian youths in 2023, revealed that most of the youths have a high ‘flying’ lifestyle that involves entertainment, eating outside, buying electrical gadgets and to promote themselves instead of building their savings.
‘The survey also revealed that the attitude of youths competing against each other (same age group) in the social world has also resulted in a negative financial status. The negative financial status also relates
to the mentality of youths like Fear of Missing Out (FOMO) and You Only Live Once (FOMO).
“This group are less exposed to produent financial management. One other reason is an increase in financial requirement when the number of family members increase,’ he told Bernama, here today.
Mohammad Farid added that overspending or spending beyond their capacity can also result in an individual or family member using the credit card beyond control and be burdened by the accumulated debts, up to a situation that can affect the cash flow.
The fenomena can also affect the ability of an individual to repay loans or hire purchase dues according to schedule or amount that need to be paid and that can lead to a negative evaluation of the individuals credit facilities.
‘Such a situation will lead to the person feeling stressed and affect their quality of life. The lifestyle starts to deteriorate due to financial burden. It can also lead to loss of property,’ he said.
In such a situation, do not delay, seek help from AKP
K and we are always ready to assist, he said.
Source: BERNAMA News Agency
