Category: Financial Literacy EN

Cooperative members may find it easy to get loans but these loans can be very expensive.  For one cooperative member, the interest rate is as high as 24% per annum. The loan is expensive because the cooperative deducts “cost of loan 19% from the principal”. Members who sign up know very little about what they are getting themselves into. Not only do they sign blank forms but they also do not...

Our unlimited wants, unending needs, uncontrolled spending, unnecessary buys and unbridled acquisitions have all resulted in one thing – an unhappy life, social scientists warn. These findings emerge at a time when the consumer culture has reached a fever pitch, comments Myers, also the author of the 2000 book, The American Paradox: Spiritual Hunger in an Age of Plenty. Owning more things and...

Did the recent Mega Sales turned out to be an expensive affair for you? If you regret the “bargains” which you bought but is unlikely to use, you will regret even more when the credit card statements come in. Often people spend for the wrong reasons, and the Mega Sales with all its hype seems to bring out the worst in them. In order not to be caught off-guard by the next sales, do not buy...

20 Questions To Ask Yourself (from Gamblers Anonymous) 1.     Did you ever lose time from work due to gambling? 2.     Has gambling ever made your home life unhappy? 3.     Did gambling affect your reputation? 4.     Have you ever felt remorse after gambling? 5.     Did you ever gamble to get money with which to pay debts or other wise solve financial difficulties? 6.     Did...

It is tempting. It is convenient. Almost everyone you know has one. So should you or shouldn’t you get a credit card? After all, you need an income of only  RM1,500 a month to qualify for one. And as the ads want us to believe, it is no mere piece of plastic: With it you can spend freely while earning respect and envy. But ask yourself: Do I need it? And most of all, can I handle it?  And the...

You’ve worked hard for your money. You deserve to spend it anyway you like. We are with you all the way on that. (And you thought we were going to say “Don’t spend your money on this and that”, didn’t you?) We strongly believe it is important that you spend your money on what you really need (not on what adverts or other people say that you should have). We also believe that you should...

Choose energy-efficient household appliances THE appliances that heat or cool are the big energy guzzlers. The iron, kettle, water heater, refrigerators, and air conditioner use a lot more energy than appliances like radio, TV and lights. So anything that increases the efficiency of these appliances by even a little can provide significant savings. A cheaper electrical appliances is not...

In the local press you read another report about a new victim of the so-called "magic stone" that will cure all illnessess? You tell yourself you could never fall for a of a scam like that. Maybe not a victim of the "magic stone" scam but what about other types of cons? Every consumer is a potential victim of unethical selling practices. And you have probably been duped more often than you...