More people are coming to AKPK
Business Times Online, May 25 2009
MORE people have approached the Credit Counselling and Debt Management Agency (AKPK) in the first quarter this year, but this is not solely attributed to the current economic slowdown.
The waiting list for counselling sessions is getting longer, more public talks on personal finance management are held nationwide and packed briefing sessions at AKPK offices, especially in Penang and Johor Baru.
AKPK chief executive officer Mohamed Akwal Sultan said the higher number of people seeking AKPK’s advice and assistance may also be due to greater awareness on the agency.
“More people are coming to AKPK over the last few months. I wouldn’t say it is entirely due to the economy but greater awareness of AKPK from the docudrama (on television) and talks as well,” he told Business Times in an interview recently.
Since AKPK opened its doors to the public in mid-2006, over 82,000 people have sought its counselling services, of which about 24,500 have enrolled into its debt management programme.
Sebenarnya daripada news diatas, sy nak highlight fakta2 berikut:
- The first three months of 2009 saw 8,800 people sought AKPK counselling, of which about two-fifths of them referred to the debt management.
- Those who were enrolled into the programme, more than half were due to a combination of credit cards, housing loans and hire purchase; while the rest were due to credit cards, housing loans and hire purchase.
- Up to December 31 last year, retrenchment or lost of job was the main reason for over 1,000 people (nine per cent) who had problems in servicing debt.
- Lost control on usage of credit cards, poor financial planning and high medical expenses topped the reasons cited by AKPK clients who had trouble in paying debts. Other reasons include failure or slowdown in business, death or loss of breadwinner, failed investment or borrower absconded.
- There were more men than women and the biggest group is those between 30 and 40 years old, which made up about 45 per cent of people seeking AKPK assistance.
- Most people go to AKPK after being pressured by banks, usually after two to three months after they stopped paying.
- Klang Valley continues to be an active area, followed by Johor Baru and Penang as it is (loan defaults) more to urban problem.