Although a debt-free lifestyle sounds ideal, the truth is that it’s unrealistic. This situation is exacerbated by the fact that right now, we really can’t avoid taking on debts in our lives. In fact, debt and liabilities can help us maintain our lifestyle, own assets, or achieve our goals such as furthering our education, buying a vehicle, or owning our first home.
Which is why the important thing in maintaining our financial resiliency is not a debt-free lifestyle, but how we manage our debts.
Did you know that there are debts that can help you improve your financial health? Yes, debts can help you improve your financial health but if they are not managed properly, they can turn into bad debts, and become a burden for you.
Once you start falling behind in your monthly repayments, the amount you owe in debt will increase due to other factors such as late payment fees, and compounded interest.
If you need more in-depth advice on handling your debts, you can also contact Agensi Kaunseling Dan Pengurusan Kredit (AKPK)
. If you own a small business or Small Medium Enterprise (SME), you can also contact AKPK’s SME Help Desk
to get financial advice on your respective sectors.
Start planning your finances by calculating your expenses using our SPK Calculator
and get more information on your financial status.