“For a person who’s facing a cash crunch, he or she should look at the bigger picture in terms of their cashflow situation before jumping into more loans and incurring more liabilitues. Don’t just simply declare a cash crunch situation when there are other things that can be done, " says Eng Meei Yu, a fee-only certified financial planner and partner at MyFP Services Sdn Bhd.
AN unexpected cash crunch situation could be a common scenario for a growing number of people even as the country attempts to get past and stay ahead of the Covid-19 economic impact.
When faced with this situation, it may be tempting to take on personal loans, or maximise one’s credit limit in their credit card line as an easy way out of this situation.
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