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You may need to borrow from a bank to purchase assets such as a house or a vehicle. Although being in debt is not necessarily bad, it is always advisable to manage your money and your debts wisely to avoid getting into financial difficulties in the future.
To find out if you are in too much debt, you can use the following ratio that compares your monthly income to your fixed housing loan, credit card and car loan repayments.
Bear in mind that creditors will look at your debt/income ratio to see how good or bad your financial status is on a regular basis. To stay in control of your finances and debts, here are some tips for you to follow:
Borrow selectively
  Borrow only to the extent you can afford to repay with your current level of income. In calculating your affordability, it is also advisable that you calculate additional costs. For instance, if you are planning to buy a car, you should also consider to budget for petrol, toll charges, and maintenance.
Manage your credit cards wisely
  Try to pay your entire balance each month to avoid finance charges (interest). Interest charges are usually
higher for outstanding credit card balances than that charged on conventional loans.
Pay down your debts
  Try to pay down your loan if you have excess money to save on interest charges.
Use automatic payment methods to pay bills
  Consider some forms of automatic payment methods such as standing instructions so that bills are paid on time.
Develop a budget
  Track your expenses and avoid overspending by establishing a budget.
Build your savings
  Have a savings plan to help reduce the need to borrow for minor purchases. Also consider an emergency fund to pay for your living expenses should you be temporarily out of a job.
If you need more details about managing your debt, you can download our info guide or contact Agensi Kaunseling dan Pengurusan Kredit (AKPK) for independent advice on consumer credit counselling and debt management services.