Alor Setar: The Kedah Credit Counselling and Debt Management Agency (AKPK) has restructured bank loans totalling RM411 million throughout 2024. Head of Alor Setar AKPK, Mohd Faizal Mohd Salleh, stated that the loan restructuring through the Credit Management Programme involved 7,668 bank financing facilities.

According to BERNAMA News Agency, the initiative aims to provide individuals with an opportunity to regain control of their finances through repayment plans tailored to their financial capabilities. Mohd Faizal emphasized that these figures demonstrate AKPK’s commitment to offering effective assistance to those requiring financial support.

The credit restructuring statistics for 2024 reveal that credit card debt is the most significant issue, accounting for 43 percent of the debt challenges faced by clients, followed by personal loans at 38 percent. Restructuring of housing financing accounted for seven percent, while vehicle financing was five percent.

Mohd Faizal highlighted the importance of early intervention, particularly for debtors under the age of 45, who represent 64 percent of AKPK clients, amounting to 4,885 cases and totalling RM269 million. He noted that individuals in this age group often face the dual responsibilities of caring for ageing parents and raising children, making it crucial to plan for retirement early.

The Alor Setar AKPK prioritizes not only preventing bankruptcy and asset repossession but also restoring the quality of life affected by debt. Mohd Faizal encouraged individuals facing financial difficulties to seek solutions and work towards recovery with the agency’s assistance.