KUALA LUMPUR: The recent surge in local Covid-19 cases and the subsequent movement restriction measures are causing a significant strain across businesses and households, but there are several strategies that can help the people in dealing with the financial challenges, said HSBC Malaysia.

       In a statement yesterday, its wealth and personal banking head, Renee Bullock-Cann said this includes consolidating debt balances into a single lower-interest alternative, prioritising and taking stock of debts, as well as engaging with their respective banks.

       “Applying a few of these key strategies can help them manage their debts with more confidence, and boost their own financial resilience as their finances will be in better shape when the economy recovers,” she added.

       Bullock-Cann said borrowers with high-interest debt may be able to consolidate their balances into one lower-interest alternative by opting for a balance transfer programme offered by most banks.

       “If you have unencumbered properties or low loan-to-value ratios, consider applying for a home equity loan.

       “It will allow you to draw cash from existing properties to ease the temporary strain on your cash flow,” she added. — Bernama