29/01/2021
Bad debt and how to get out of debt in Kenya may not be the easiest thing for most Kenyans.
Kenyans are under increasing financial pressure due to high unemployment and increase in living expenses such as food, rent, utility bills, transport, and the VAT rate. As a result it has become a challenge to manage and pay off bad debt.
Most people fall into a bad debt spiral because of unforeseen circumstances. This may include medical expenses, job loss, divorce, not saving enough or ones income not keeping up with increased costs of living in Kenya.
Then there are some “foreseen circumstances” that can be avoided, but often are not. These include uncontrolled gambling habits especially with the rise of betting firms in Kenya and poor money management.
Kenyans with who managed to keep up with their renegotiated debt repayments for many years are now struggling to maintain their monthly instalments in debt review which raises their risk on entering into bad debt.
Most banks and lending firms have had to renegotiate some of their agreements because Kenyans are simply unable to make ends meet.
Below, we have provide advice on how to manage and pay off your bad debt, and what to do when you’re in over your head.
Read More: https://www.mobileloansinkenya.com/bad-debt-get-debt-kenya/
