Eager to own a home or car, some early-career professionals lock themselves in to debt before they can really afford it. This could set you up for years of scrimping and scraping just to get by.
Don’t be too quick to jump on the bandwagon. Consider if you can wait a few years until you’re in a stronger financial situation. For example, using public transport could save a lot, especially with the affordable monthly pass options in the Klang Valley. What’s more, you will be contributing to a cleaner and healthier environment, too.
Getting into debt is a long-term responsibility. More than half (60%) of bankruptcies belong in the 25 to 34 age group. Don’t let your debt own you – or leave you with bad credit.
Avoid overspending, create a safety net, strategize debt, and you’ll be on your way to unlock financial security for the rest of your career.
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.