KEDAH AKPK RESTRUCTURES OVER RM400 MLN IN BANK LOANS LAST YEAR

ALOR SETAR, May 8 (Bernama) -- 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.

"This initiative offers a respite for many people to regain control of their finances in a more organised and realistic manner, offering repayment plans that suit their means.

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"These numbers are not just statistics but reflect AKPK's efforts in providing effective assistance to those in need of financial support," he said in a statement today.

According to him, the credit restructuring statistics in AKPK Kedah for 2024 show that credit cards are the largest contributor to debt issues, accounting for 43 per cent, followed by personal loans at 38 per cent.

Mohd Faizal said the restructuring of housing financing was seven per cent, while vehicle financing was five per cent.

He emphasised that early intervention is crucial, especially for debtors under the age of 45, who make up the highest percentage of AKPK clients—64 per cent or 4,885 cases, totalling RM269 million.

"At this stage of life, they are building their families as part of the sandwich generation (simultaneously caring for ageing parents and raising their children), and it is essential to prepare early for retirement.

"Beyond just avoiding bankruptcy and asset repossession, Alor Setar AKPK focuses on restoring the quality of life affected by debts," he said.

He also urged the public not to let themselves remain trapped in financial difficulties but to seek solutions and work toward recovery with the agency's help.

-- BERNAMA