With the current economic status, it is inevitable to stay without a debt. Actually almost each and every individual has a debt even if not directly on money, something owned to somebody else which translates to money.
Things have become so hard of late until countries are borrowing large amounts of money from other countries, something which is common in the african nations. As someone once put it, some of these African nations will be taken hostage by china and others leading countries where they borrow money from since paying back is almost impossible.
Looking at Kenya, an economist some days back hinted out that the debt with the country will be paid even by generations yet to be born.
With that tough economy, things keep getting worse with the increased prices on commodities due to increase in fuel prices and cost of living. Something which makes citizens to sink in more debts.
Some of the avenues where Kenyans borrow money from include digital lending platforms like the MShwari, KCB MPESA and mobile apps like Tala, Branch among many other upcoming Apps.
What most Kenyans do not know is that many of the Apps will con them and Burden them more financially instead of offloading their economic strains.
Some of the apps with this habit of burdening Kenyans have easy registration procedures and are cheap to download. However, they charge quite high interests and the repayment period is very short.
To make matters more worse, once you delay a little bit to pay, they will fill your inbox with lots of messages and disrupt your day with endless calls. Some will go a step further to hack your contacts, call and text your friends and family without minding the spoil they cause to your good reputation.
The problem with a short repayment period and high interest rate is that one will be forced to borrow one app so as to repay another and the chain grows.
The government needs to do something to control these apps otherwise Kenyans will suffer more in the name of seeking assistance.
Whichever time you are Borrowing money from an App and you realize their payment period is less than a month, interest rate is exorbitantly high, they seek permission to access your phone book and messages, think again before dipping yourself to that financial plaque.
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