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Wednesday, July 01, 2020

Tala shares 5 Ways You Can Get Out of Debt

    July 01, 2020   No comments

Tala app
Tala app 
Taking too much too quickly can be dangerous. It can land people into debt cycles. Tala is advising borrowers to take loans only when it is necessary and should limit the number of loans as much as possible. 

As described by Tala mobile,  a debt cycle is something like this ; 

A cycle of debt is when you continue borrowing to pay off your current loans with no end in sight. This cycle is not only expensive, as you’re paying fees to take out loans, but also makes you dependent on loans for all your needs. Once caught in this cycle, it can feel overwhelming


Many kenyans have already found themselves in this problem since the digital lending market experience an influx of loan apps. It looked easy taking loans from various of such loan apps but the end results were not friendly. 

So what exactly can one do if he or she finds herself in a cycle of debts? Tala one of the most popular and trusted digital lender in kenya shares some tips on how to get out a debt cycle; 

1. Be Calm to figure out what really happened. 
2. Prioritize your debts payments by paying those with growing daily fees first then pay those loans soonest due.
3.Come up with a monthly budget to help save and pay off pending loans.
4.Borrow what you can repay and only if its necessary. 
5.Plan for the future by saving for emergencies instead of taking loans unnecessarily. 
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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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