We all have secrets, don't we? Some of them too personal that we successfully keep them locked up – while others, like money for instance, may surface as situations get tough.
When these money stories reach the parents, or anyone else you think can help solve the problem, it usually signals the alarm bells have gone off.
Fortunately, some of these topics can be talked out amongst friends to some avail but they can be pretty embarrassing to discuss. Let's find out what the most common ones are.
1) I've Got a Major Credit Card Debt
Credit cards can certainly work for you if wielded with discipline. You get to reap a tonne of benefits off it like rewards points, cashback, exclusive travel perks and so much more.
However, there is the possibility of it working in the opposite direction if you don't practise good spending habits. When it does, it could be a tough thing to discuss amongst peers.
It is a common sight that most Malaysian millennials find themselves in heavy credit card debt and can't get out of it. A good balance transfer program could pull you out of this mess with an interest free (0%) period that can go up to 36 months. It consolidates your debt into one card and could help you get back to where you were with its interest free period.
2) I Don't Have Enough Savings
It's pretty exciting to discuss about new stuff we've just bought with friends, but the fact that we can't seem to save at all can be a little hard to discuss.
If you do find the time to talk about it, or a friend who knows about it brings it up, expect some some advice on seriously controlling your spending habits to stabilise your finances.
Things like impulse shopping and keeping up with the Joneses can be detrimental. Have a budget drawn out and monitor your monthly outflow of money. Consider locking up what you've saved from unnecessary spending in a lucrative fixed deposit account to help regulate the habit profitably.
3) I Owe People Money
We've all got that one friend who borrows money for reasons unknown. These guys usually find ways not to talk about their money issues, but if you happen to be one of them, it's time you take heed.
We may not know for sure the source of this money, but if you do find it difficult to pay back even on installment, you are facing serious money trouble. And we don't blame you for not talking it out with friends.
Whatever your reasons are, consider taking up a personal loan to clear off all your debt with friends or family and start back out on a clean slate. Speak to in-house advisors at banks to figure out a tenure and monthly repayment that would suit your situation best. You should be fine in no time.
Don't be Afraid to Talk it Out!
Sometimes, that's all you need to do. There's nothing to be embarrassed about because thousands out there face similar problems. In fact, they could even be part of your circle of friends.
If you feel a little apprehensive with the advice you receive from friends or you're just not comfortable discussing these money topics with them, speak to someone from the Credit Counselling and Debt Management Agency (AKPK) and they should have a solution for you.
Have you been in a situation as described in the narrative above? Or do you know of an acquaintance that faces these problems? Fill us in at the comments section down below – we'd love to hear from you!