Joe Ngari

How to pay off your debt fast: Your DIY guide

What you need to know:

What you need to know:

  • There is debt that can improve your net worth, and debt that can leave you worse off
  • You want a lot more of your money to go into settling your debts, so you must reconfigure your lifestyle

It's 2021, and the country and its people are choking with debts. On a national level, the national debt is now over Sh7 trillion, while on an individual level, we are raking in debts in the billions. In 2020, Kenyans borrowed nearly Sh1.18 billion every day on Fuliza and M-Shwari. Also, loans worth Sh1.63 trillion had been restructured by banks at the end of December 2020. The majority of these loans are personal and household loans, proof that millions of us are stuck in debt.

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