According to the insolvency department, the total number of bankruptcy cases in Malaysia from 2018 to last December stands at 49,133, the primary causes of which include non-payment of personal and business loans.
Furthermore, high debt or missed payments can negatively impact your credit score, making it harder to apply for loans, credit cards or mortgages in the future. However, debt consolidation is not always the best option for everyone, so consult a professional before making any decisions.With this method, you pay off your smallest debt first, then utilise the money you would have used on that debt to pay off the next smallest amount, and so on.
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