When you are short of money, it comes to our minds to make a personal loan. This is because we do not know any source to get additional money. To make a personal loan is a very easy way as there are many banks and cooperatives that offer personal financing.
There are also cooperatives that provide emergency loans to its members who face a shortage of money to buy and to get on with life. The financing is known by many names, namely school financing, emergency financing, Hari Raya cash assistance and others.
Bear in mind that if you are applying for an emergency loan, you are actually at one last stage of applying for a personal loan. If you are not eligible to make an emergency loan after this, you may fall into borrowing with Ah Long (loan shark).
How To Manage Too Much Debt?
The last way for you to manage your massive debt is to contact a debt management agency established by the government. In Malaysia, the agency is known as AKPK (Credit Counseling and Management Agency). You can contact AKPK to structure all your loans with a bank or financial institution. Please contact AKPK at 03-26167766.
That is the end of Smart and Prudent Financial Management Series 3. Hopefully you get benefited from this info.