MELAKA, Jan 20 (Bernama) -- Approximately 1,900 youths in Melaka, aged between 20 and 30 years, have sought services from the Credit Management Programme (PPK) of the Credit Counseling and Debt Management Agency (AKPK) as of Dec 31, with a total debt of around RM138 million.
Melaka AKPK head, Mohammad Farid Fadzi said that the largest group of young clients at the branch were those earning between RM2,000 and RM4,000 per month, with a total of 931 individuals and a total debt of approximately RM65 million.
He explained that the high cost of living, which has led to the inability to manage debt and affected thed quality of life, is one of the main reasons why these youths seek assistance with their repayment plans, accounting for 52 per cent of cases.
“The second reason is young people facing unexpected financial commitments (11 per cent), with a total debt of around RM14 million, along with job loss (6 per cent).
"What is most important is to identify the reasons why young people are burdened with high debt and the steps they can take to get out of debt,” he told Bernama.
Mohammad Farid emphasised the importance of a disciplined approach to financial planning, including understanding basic needs, practicing savings, and developing personal financial management skills to face current financial challenges.
-- BERNAMA
