Debt Nightmare
A report from SAYS revealed an individual who racked Up RM300K In Debt On Gadgets, Food Orders & Chasing Status and with courage he shared his AKPK Journey.
From RM10,000 monthly payments to financial freedom, a Malaysian shares his raw account of overcoming RM300,000 in debt with AKPK.
What were some of the reasons he racked up those debts
1. I felt I needed to keep up with trends, especially when I saw friends or influences buying the latest gadgets, going on holidays, or driving new cars,” he told SAYS.
2. “I felt an intense fear of missing out, or FOMO.”
3. His perception of “needs” became severely distorted.
4. “I convinced myself that a lot of wants were actually needs,” he explained.
His Lessons for a financially healthier Malaysia
1. While he doesn’t blame banks for extending credit, he told SAYS that he now views credit facilities as a “loaded gun” — something that requires immense responsibility and a clear understanding of interest rates.
2. Reflecting on his experience, he shared that he believes Malaysia needs to integrate “real-life money skills earlier, maybe as part of the school curriculum”.This includes essential topics like budgeting, compound interest, and how loans and credit cards truly work. These, he argues, should be fundamental knowledge, “not something you learn the hard way (through actual debt)”.
According to a March report, over 1.4 million people have turned to AKPK for help — the majority of them burdened by credit card debt. In 2024 alone, about 200,000 people reached out to AKPK — a steep increase compared to the yearly average of 66,000 over the previous 17 years.
Full article at https://www.facebook.com/share/16EPFAQPHu/
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