Three steps out of debt
30/06/2007 The Star
First, get a copy of your credit report from Bank Negara Malaysia (BNM). The
report contains information on any credit card, overdraft, trade facility or
housing loan you may have taken, as well as your payment records and credit
limit.
If you have trouble figuring out how to read the report, contact the Credit
Bureau at 1-300-88-5465 or visit creditbureau.bnm.gov.my.
Next, get on the phone and talk to a settlement or credit collection officer
at the financial institution where you have an outstanding debt to negotiate
a repayment plan. You may also choose to consult the Credit Counseling and
Debt Management Agency (AKPK), an organisation appointed by BNM, to help
counsel people with debt problems and provide advice on money management and
budgeting.
They will work with you to develop personalised debt repayment plans with
your financial service providers. (Their services are free.) Once your
account has been regularised, your credit record will reflect the improved
position.
With your finances back on track, recalculate your budget and switch to a
lifestyle you can afford. This could mean driving a second-hand car as
opposed to a new one.
Ask yourself: is the new car worth it when something as small as a traffic
summons can screw you up for months? Is that killer dress worth scraping by
for? |