In it together: Distressed consumers can get financial counselling from AKPK.
KUALA LUMPUR: The Credit Counselling and Debt Management Agency (AKPK) has successfully assisted 11,935 individuals to fully settle their debts totalling RM488 million through its debt management programme (DMP) as at Nov 30, 2016.
Deputy Finance Minister 1 Datuk Othman Aziz said a total of 505,069 individuals had attended AKPK's counselling services from 2006 to November 2016, and out of this number, 167,060 individuals had enrolled for the DMP.
He said up to 70 per cent of the debtors enrolled in the DMP programme were those aged between 30 and 50 years, who were unable to pay their credit card debt.
"AKPK's statistics show that poor financial planning is the major financial difficulty faced by its clients, making up 49.3 per cent of the cases received, followed by failure or slowdown in business (15.2 per cent), high cost of living (12.3 per cent), high medical expenses (10.9 per cent), among others," he told a press conference after visiting AKPK here, today.
He said the awareness and financial assistance provided by the agency had helped to reduce the bankruptcy cases in the country.
Estsblished in April 2006, AKPK is a wholly-owned subsidiary of Bank Negara Malaysia and aims to provide an avenue for individuals and potential borrowers to seek advice and assistance in managing their finances and debts.
It also provides other services such as free financial education, counselling and debt management programmes.
Currently, there are 11 AKPK branches nationwide. - Bernama
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