Principal Akpk Application – VISA and the Malaysian Credit Counseling and Debt Management Agency (AKPK) enter their fourth year of partnership to promote financial education in Malaysia.
This year, the popular online game Cent-sible Choice has been updated with new features to help young Malaysians learn how to manage their money wisely in a fun and exciting way.
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The 2016 version of the online game brings a new character designed for working youth. The game is available in English and Bahasa Malaysia to reach both rural and urban populations.
Its Role And Mission
To raise awareness among young people and promote financial literacy, Visa also organizes university workshops in collaboration with GProvision; Licensee of the board game “Praxis” which facilitates experiential learning based on real financial problems.
“Visa believes that accounting is very important and should be taught early to help prepare young people to make wise financial decisions. This year Cent-sible Choice is aimed at students, recent graduates and working youth and can be played online in English and Bahasa Malaysia in the language.
“We are in talks with several universities including Segi College, USIM, Tunkul Abdul Rahman College and UiTM to conduct graduate training.
“We want to help equip young Malaysians with financial knowledge that can be used on a daily basis,” said Visa Malaysia Country Manager KB Ng.
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“According to our latest research from the Asian Institute of Finance, Gen Y are the biggest consumers in Malaysia, they have the power to spend more money and believe in the moment. Gen Y children get into debt at a young age and they do. I don’t understand when it comes to financial planning what it means that Cent-sible Choice wants to end it,” said AKPK CEO Azaddin Ngah Tasir.
The online game shows daily events that are relevant and unique to young Malaysians, encouraging them to make small but effective decisions. It gives them financial advice for every decision they make in the game.
Smart choices earn players more points compared to other choices. Players can collect points for daily, weekly and overall achievements. They can also invite their friends to play the game and earn more points.
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Who Can Help You Manage Your Debt?
In some cases, you may need the help of external experts, such as credit counseling.
This is when you talk to someone who can help you negotiate with the bank to pay off your debts. If you find yourself struggling to keep up with your monthly debt, it’s time to ask for help.
In some cases, you can contact the bank directly to do this. This only works if you only have one loan that you want to refinance. However, if you are struggling with multiple loans from different sources, sometimes professional guidance can be the answer.
For Malaysia, they have access to a credit counseling agency established by Bank Negara Malaysia, the Credit Counseling and Debt Management Agency (AKPK).
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The first way to use credit counseling services for debt resolution is to enroll in a program. In the case of AKPK, this is their Debt Management Program (DMP). You will then be asked to provide information about your income, debts and expenses. This is because an agency can help you.
If this happens, you should make an appointment with an advisor to discuss the plan with you.
Basically, this plan involves consolidating your debts into one payment plan. This won’t reduce the total amount you have to pay, but it will change the way you pay each month. However, the time required to repay the loan can be extended.
Your credit counselor can also give you a monthly budget plan. Get help managing your finances to get your life back on track, but be prepared to make tough life decisions to stick to the plan.
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Although it sounds simple, there is a reason why paying off debt is considered difficult.
With AKPK’s debt management program, a person has all his debts written off and is not allowed to take new loans. Simply put, this means you will have to cancel all your credit cards, lose your ability to make bank overdrafts and not be able to apply for new loans or credit cards.
This is valid until your loan is paid in full. This move has a lot of meaning and should be carefully considered if the payment takes a long time.
AKPK is an organization managed by Bank Negara Malaysia; therefore, it works as a non-profit organization and does not charge for its credit counseling services. More information on how to apply for their services can be found on their website here.
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Maybe it’s good for people trying to get out of debt. It may not be helpful if you have to pay for a service that tries to save you money.
This is different from credit counseling in other countries where they have money to help their clients restructure their debts.
There is no reason to avoid asking for advice, especially if you are not earning your monthly income. After all, there is no reason to keep paying credit card interest without dealing with a large sum of money.
If you are at risk of getting a small loan due to many missed payments and you want to get out of the hole, there is no better organization to contact. They deal with your banks and restructure your loan to make it manageable.
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It’s not a quick fix, but it can give you the tips you need to stay healthy.
In most cases, seeking help from a credit counseling service will not hurt your credit score. However, it appears as a CCRIS note; informing financial institutions about your status.
In the case of AKPK, this means that there is a high probability that you will not be approved for new loans or credit cards; regardless of what your actual debt is.
But sticking to the plan will ultimately improve your credit score. This is because your payment history weighs heavily when calculating your score, and you must make regular payments over the course of your contract.
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Of course, you also need the ability to review your credit report every three to six months to keep an eye on it. After all, you want tangible proof that what you’re doing is working. Agensi Kaunseling ja Pengurusan Kredit Aras 8, Maju Junction Mall1001, Jalan Sultan Ismail50250 Kuala LumpurFax : 03-2616 7601 E-mail: enquiry@akpk.org.my© AKPK Book First 2011 ). This book or parts of it may be reproduced, translated or distributed in any form for educational purposes only with the written permission of AKPK. No financial gain, direct or indirect, may be obtained from such reproduction. ISBN 978-983-44004-2-2
The content of this book is for educational purposes only. It is not a substitute for advice from a financial advisor. Agensi Kaunseling dan Pengurusan Kredit (AKPK) disclaims all responsibility and liability for any person who uses the contents of this book to start a business or activity. your understanding of any errors or omissions. Names and details of people from current events have been changed to protect their identities.
Example of budget and spending plan for En Johan (age 29) Monthly personal budget and cash flow statement Actual budget cash flow RM RM
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