Sharp Daily
No Result
View All Result
Tuesday, August 5, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Strategies for Kenyans dealing with multiple debts

Joshua Otieno by Joshua Otieno
January 23, 2024
in News
Reading Time: 2 mins read

More than 52% of Kenyans fulfill their daily obligations through debt according to a 2023 survey conducted by Consumer Insights.

Subsequently, a January 22nd survey from InfoTrack reveals that 73% of Kenyans are currently experiencing financial distress, struggling to make ends meet.

The weight of financial obligations is particularly burdensome for those dealing with various forms of debt, such as student loans, mortgages, or mobile credit facilities. Scholars have proposed strategies for dealing with debt repayment, aiming for ultimate debt freedom.

To navigate the process of debt elimination, individuals must first assess their financial situation, understand their debts, and create a budget allocating income for repayment.

RELATEDPOSTS

Staying wealthy: Insights and practices for long-term financial stability

December 17, 2024
world-bank

World Bank Approves An Increase In Kenya’s Loan Request By KSh. 32 Billion

March 14, 2023

Prioritizing debts, negotiating with creditors, and seeking debt consolidation are essential steps. Additionally, reducing expenses and finding avenues for additional income are crucial when facing a significant debt burden.

In these challenging times, choosing a financially sensible strategy that also provides mental fortitude is paramount. This discussion will focus on the Snowball Debt Repayment Method as a preferred strategy.

Popularized by financial expert Dave Ramsey, this approach emphasizes paying off smaller debts first, regardless of interest rates. Recognizing the psychological benefits of small victories, the Snowball Method boosts morale and motivation, especially in the face of overwhelming debt.

When dealing with multiple debts, including KES10,000 from a friend, KES 300,000 in a bank, and KES 500,000 from a SACCO, the instinct may be to focus on the largest debt. However, the Snowball Method argues for starting with the smallest debt, in this case, the KES10,000.

By directing extra funds toward this smaller debt while maintaining minimum payments on others, individuals experience a quick win, injecting motivation into their financial journey. As each smaller debt is paid off, a psychological win is achieved, creating a snowball effect that builds momentum and confidence.

The Snowball Method underscores the importance of behavior modification, recognizing that personal finance involves both psychology and mathematics. In challenging times, where the weight of debt can be overwhelming, these small victories become crucial.

For individuals deeply entrenched in debt, taking a step-by-step approach, beginning with smaller obligations, provides a sense of accomplishment and renewed motivation. Ultimately, the Snowball Debt Repayment Method offers not only a strategic approach to managing debt but also acknowledges the profound influence of emotions on financial well-being.

Previous Post

Ruto takes stance on Gachagua-Ndindi central succession politics

Next Post

Macrostreet receives funding to enhance financial news reporting

Joshua Otieno

Joshua Otieno

Related Posts

commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025

LATEST STORIES

EABL posts 12.2% profit surge, strengthens regional footprint despite rising illicit trade

August 1, 2025
1049795356

Maximizing Your Pension Contributions

August 1, 2025

The functional role of narrative in financial markets

August 1, 2025

Tanzania’s protectionist shift and what it means for Kenyan entrepreneurs and regional trade

July 31, 2025

Kenya’s Interest Rate Cut: A Turning Point for Growth

July 31, 2025

Why Syokimau, a satellite town is attracting real estate investors

July 31, 2025

Shri Krishana Overseas lists on NSE

July 25, 2025

Why young professionals should care about pensions

July 23, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024