INDEBTED CULTURE AMONG MALAYSIAN 2023 

INTRODUCTION 

Indebted culture is a phenomenon that has become increasingly prevalent in many societies, including Malaysia. In this article, we will explore the definition of an indebted culture among Malaysian , the causes and consequences of this culture, and strategies for individuals to manage their debt. An indebted culture among Malaysian can be defined as a societal norm where individuals or groups are accustomed to borrowing money to finance their lifestyle. In Malaysia, this culture is particularly prevalent among the younger generation, who view taking on debt as a necessary part of their financial planning. 

CAUSES OF INDEBTED AMONG MALAYSIAN 

The causes of an indebted culture among Malaysian are similar to those in other societies. One of the primary causes is the availability of credit. Banks and other financial institutions have made it easier than ever for to access credit, with many offering loans and credit cards with low-interest rates and minimal requirements for approval. This has created a culture where feel that taking on debt is a natural part of their financial planning. Another contributing factor to an indebted culture among Malaysian is the societal pressure to keep up with the latest trends and lifestyles. Malaysian society places a high value on material possessions and status symbols, leading many to take on debt to purchase these items 

THE EFFECT OF INDEBTED AMONG MALAYSIAN 

The consequences of an indebted culture among Malaysian can be severe, both for individuals and society as a whole. One of the biggest consequences is the stress and anxiety that comes with debt. When take on more debt than they can afford, they may struggle to make their payments on time, leading to late fees, higher interest rates, and even default. This can lead to a cycle of debt that is difficult to break out of. 

Another consequence of an indebted culture among Malaysian is the impact on the economy. When take on too much debt, they may have to cut back on their spending, which can lead to a decrease in consumer demand. This, in turn, can lead to a slowdown in the economy and job losses. 

HOW TO OVERCOME THE SITUATION 

To manage debt, individuals must take steps to avoid taking on more debt than they can afford. This can involve setting a budget and sticking to it, prioritizing debt repayment, and avoiding unnecessary spending. It is also essential to keep track of all debts and payments to avoid falling behind. Another strategy for managing debt is to seek professional help. Financial advisors can provide guidance on managing debt and developing a plan for paying off debts. They can also help individuals negotiate with lenders and find ways to reduce their interest rates and fees. 

CONCLUSION 

In conclusion, an indebted culture among Malaysian is a societal norm that has become increasingly prevalent in recent years. While access to credit can be beneficial, it can also lead to a culture of debt that has severe consequences for individuals and society as a whole. To manage debt, individuals must take steps to avoid taking on more debt than they can afford, prioritize debt repayment, and seek professional help if needed. 

KEY REFERENCE 

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Bahaya hutang, tapi anda tidak menyedarinya…! (n.d.). Retrieved 2023, from e-Muamalat: https://emuamalat.islam.gov.my/ms/bahan-ilmiah/artikel/81-bahaya-hutang-tapi-anda-tidakmenyedarinya 

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