Common mistakes that you can avoid when borrowing

When money has become scarce and low in purchasing power, borrowing has certainly become inevitable. A recent Ipsos poll showed that one in every four Kenyans has contemplated suicide due to the rising cost of living. A previous report shocked many that 93 per cent of Kenyans earn less than Sh40,000 while almost half of them take home less than Sh10,000.

These scenarios have not only pushed Kenyans down the pit of debt but also made them to diversify reasons for borrowing from fulfilling long-term goals to fixing short-term emergencies or simply borrowing for consumption or to pay off other debts.