Tag Archives: income

What A Lucky Money Month For AKPK Debt Management Program Blogger!

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Posted by Vedis the DMP Blogger on January 20, 2010 – 8:23 am
Filed under AKPK Debt Management Plan, Credit Card Debts, Debt Management Programs, Emergency Funds, Income Streams, Saving Money, Spending / Expenses

AKPK Debt Management Program Bloggers Money LuckIs January a prosperous month to you? I think it is a lucky money month for me, the AKPK debt management program blogger, and hubby.

For me, a sudden increase in the number of product reviews is doubling this month’s income. If I add in my AdSense and Amazon earnings, wuahaha, this Chinese New Year is going to be a prosperous new year.

So far, my personal savings has reached RM1,700 without hubby’s knowledge. ;-)

As for hubby, besides his monthly salary of RM2,000, he will have a one-month bonus or maybe 1/2-month’s bonus. We are still grateful if he is only given a half-month bonus. After all, he only commenced his work on the 1st of July last year.

Oh, there’s still Ang Pao for him from the school! The amount of money given depends on his work performance. It will be between RM500 and RM1,000.

After deducting this month’s RM680 AKPK debt management repayments, RM820 car loan, RM374 home loan installment, RM150 bank overdraft interest charge, RM270 flat rental, RM110 phone and internet service charge, RM33 handphone fee, electricity bill, food and grocery expenses, there’s still money left to be saved as emergency fund and pay back some personal debt owed to friends/family.

Why Opting For AKPK Debt Management Program (DMP)?

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Posted by Vedis the DMP Blogger on September 14, 2009 – 11:49 am
Filed under AKPK Debt Management Plan, Credit Card Debts, Credit Counselors, Debt Management Companies, Debt Management Programs, Debt Settlement Plans

Since I was approved of the AKPK debt management program (DMP), I have always been asked by readers or friends why I chose to get out of debt with a debt management program.

There were several reasons why I enrolled in a debt management programme and not debt consolidation or debt settlement. Debt settlement? I wonder if there is any debt settlement plan in my country.

First and foremost, it’s FREE to join the AKPK debt management plan. You are not charged any enrollment fee or monthly service fee. Yes, the DMP provided by AKPK (Agensi Kaunseling Dan Pengurusan Kredit) is free; it comes with zero enrollment fee or monthly service charge.

Since the program is free to join and at that time I had had enough of my piled up credit card debt, I made an appointment with a senior credit counselor in Ipoh branch.

Did I do any DIY debt management to get rid of credit card debt? Of course, I did. In fact, I began budgeting and cutting spending starting April 2007 to pay down my credit card debt before finally signing up with the AKPK program.

In a span of almost one and a half year, I managed to pay down my debt from RM63,809 ($18,000 plus) to RM40,344.

Just as I thought I could slowly pay off my credit card through budgeting and cutting back on spending, bad things crept in one by one.

Firstly, hubby and I were not able to generate more income to pay the bills. Money was always not enough when it came to making payments to credit cards, home and car loans, utility bills and personal expenses.

We started being in late in payments or skipping some of the credit card minimum payments. As a result, late payment fees, penalty charges, over-limit fees, and other miscellaneous fees began piling up and added to my already piled up credit card debt.

One day after watching the AKPK’s TV commercial ad, I decided to pay a visit to the agency and enroll in its debt repayment plan to help me get out of credit card debt without stress.

Why Opting For A Free Debt Management Program (DMP)?

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Posted by Vedis the DMP Blogger on September 12, 2009 – 4:52 am
Filed under Debt Management Programs

Why A Debt Management Program (DMP)Since I was in the debt management program in October 2008, I have always been asked why I opted for a debt management program to get rid of my credit card debt.

There were a few reasons why I signed up a debt management plan and not any debt consolidation or debt settlement.

First off, the debt repayment plan I enrolled in is FREE. There is no initial fee or monthly service fee charged by the credit counseling and debt management agency.

Yes, it’s a free debt management program that is only available in my country. It’s not available to people in the US, UK, Canada and other countries.

As it’s a free debt relief program and I had come to a point that I couldn’t go on paying the huge amount of minimum payments, I decided to enroll in the debt management program.

But why didn’t I DIY debt management to pay off the credit card debt?

Oh, I did. In April 2007, I started self-help debt reduction to pay down some of my credit card debt before I joined the DMP. Between April 2007 and August 2008, I managed to bring down my credit card debt from RM63,809 ($18,000 in USD) to RM40,334.

Just as I thought my effort of tackling my credit card debt would pay off if I kept on budgeting and curbing my spending habits, bad things kept popping up.

First of all, the expenses always surpassed the income. Due to economy downturn, hubby and I were not making sufficient money to pay all the credit card minimum payments, car and home loan installments, utility bills and daily expenses.

When we failed to make payments on time, you know what will come next, right? Yup, banks and creditors started charging late payment fees, over the limit charges, cash advance fees, retail interest charges into my credit card accounts.

One day in August 2008, I told hubby that I had had enough of my credit card debt, non-stop phone calls from banks and warning notices issued by creditors. I wanted to get rid of them.

So, I am now in the free debt management program. :-)

Considering A Debt Management Program (DMP)?

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Posted by Vedis the DMP Blogger on July 24, 2009 – 8:29 am
Filed under Debt Management Programs

Considering Debt Management ProgramOkay, it’s a fact that you are up to your head in debt and you are so suffocated by it that it’s affecting your daily routines and thoughts. You have no idea what to do.

I understand. I have been in your shoes before enrolling a free debt management program in my country. :-)

OK, take a breath and look at your debt with a clear head. Is your debt so unmanageable that you can’t even make next month’s minimum payments? If so, you should consider either credit counseling, debt consolidation or a debt management program.

Debt management program, also called debt management plan, is a program designed to help you get out of debt by combining all your multiple debts with various interest rates into one monthly repayment that you can afford.

This means no more driving to different banks to pay various cards on different due dates. In a debt management program, you just need to make One monthly payment to One agency on One due date!

The affordable monthly payment that your certified counselor works out with you is a fair amount of cash so that you have some extra money saved for yourself as emergency fund.

Once you are placed in the debt management program, all your creditors will cancel your card accounts. This is good because you will have no way to add new credit card debt to your existing debt; no excuse to use them for so called ‘emergency needs’. If you have no credit cards, you can’t be tempted to use them.

Once you have extra money left every month, it’s important to start saving 5%-10% of your income as emergency fund. As for new purchases, save until you have enough money to buy them with cash. Remember the immediate gratification of making purchases through credit cards that threw you into the deep debt hole? You wouldn’t want it to happen again.

If you are able to stay in the debt management program until your debt is paid off; do not add new debt to existing debt; and save up the extra money for emergency fund, it’s for sure that you can make your way out of debt pretty soon.