Kenyans love debt.
And that’s not just popular opinion. It’s a fact.
A recent study by our market research team found that 8 out of 10 Kenyans hold some form of arrears. Seven out of those 10 believe that it is “necessary.”
Of the survey respondents, 85% said they use debt to live beyond their means.
These stats, sadly, aren’t all that surprising.
THE ILLUSION OF THE KENYAN DREAM
We want stuff that we can’t really afford and debt allows us to get it—and get it quickly. But in reality, it is just a trap, a shortcut that’s not worth taking. It seems to give the illusion that we’re living the dream, but since when did the dream involve piles of credit card bills, student loans, and car payments??
Income is one of the biggest wealth-building tools, and when most of our income is going out in the form of payments, it’s not just hard, it’s practically impossible to win with money.
Get this: According to this study, 70% of baby boomers have some form of arrears and nearly half of them still have a mortgage. Their retirement is approaching and they are still left making payments to Helb and Saccos. They are fast approaching their “golden years” but debt is still a major part of their lives. That shouldn’t be the case!
DEBT-FREE LIFE IS THE NEW DREAM
So where does that leave us?
It’s more important than ever to realize that living debt-free is not just the best, it’s the only way to live.
If you can aim to spend less than you make, you’re on the track to financial peace.
Even though 80% Kenyans have debt, that doesn’t mean you should be or have to be one of them.
Debt is normal. Normal is overrated. Be weird.
Achieving a debt-free life takes discipline & hard work—there’s no doubt about it. But nothing can compare to the peace of mind and financial success that comes with managing and controlling your money. Don’t you agree?
Have you heard about us? We are Spectrum Network International. Apart from helping you remain debt-free, we offer a wide variety of risk management & business intelligence solutions. Click here to learn more about us.