The airwaves of Classic 105FM crackled with a mix of concern and stark reality during the morning conversation, as hosts Maina Kageni and Mwalimu King’ang’i delved into the increasingly pressing issue of debt management.
What began as a discussion on the widespread financial distress across the nation escalated dramatically when a caller revealed a staggering personal debt of nearly Sh7 million, leaving listeners and the hosts alike in awe of the sheer burden many Kenyans silently carry.
The conversation, a regular staple for early risers, had already painted a grim picture of Kenya's economic landscape. Maina and Mwalimu King’ang’i highlighted the alarming rise in repossessions and auctions, noting how Newspapers were dedicating one, two, three, andfour full pages of auctioneer notices, properties, and cars.
The hosts questioned who was buying these repossessed items, given the widespread financial struggles.
They cited the massive KSh 76 billion debt owed by the University of Nairobi as a stark example of the institutional scale of the problem, contrasting it with individual hardships. The overarching concern was that if debt management isn't addressed, it could lead to a very big problem that will perpetuate a cycle of poverty for future generations. The trauma of being auctioned was underscored as a harrowing and extremely traumatizing experience.
“It is an extremely traumatizing experience to be auctioned. If you have been auctioned, we need your story because it's an extremely traumatizing experience. There's nothing as traumatic as being auctioned,” The host requested callers.
It was against this sobering backdrop that a caller joined the discussion, commending the hosts for tackling such a serious thing as debt management. With a candidness that resonated deeply, the caller admitted to owing around 6 to almost 7 million across various institutions.
The caller explained that given their income, this amount felt immense, an insurmountable figure that couldn't be paid off in a single year.
Breaking down the daunting sum, the caller elaborated that a significant portion, KSh 4.5 million, was owed to a bank, with the remainder stemming from different loaning apps, institutions, and even 'chamas'.
“If I do my calculations around 6 to almost 7 million debts in different institutions. So for me 6 to 7 million is a lot considering myself, my income,” she confessed.
While 'chamas' offered some flexibility due to their savings-based repayment system, the caller's approach to managing other debts involved prioritizing those who exerted more pressure. Essential bills like rent and school fees took precedence to avoid immediate repercussions.
“It's just from different apps and institutions if you just find someone or different chamas. But for chamas, it's easy because at least you save and you're given money according to your savings. So, it's hard to default on that.”
The caller described debt as an "addiction," incredibly difficult to escape once entrenched. A misguided attempt to save by taking on more debt, andinadvertently paying interest, further complicated their financial situation.
Perhaps the most poignant part of the confession was the profound psychological toll the debt had taken. The caller admitted to sometimes wondering "how I can walk on the street" and, at one point, became so "depressed" that they contemplated ending their life, believing it to be the easiest way to pay this debt.
The harrowing experience led her to seek therapy and embark on a journey of self-discovery. Now, despite still owing money, she confessed to being "scared of debt," highlighting how defaulting on one payment can lead to a dangerous cycle of managing creditors.
Comments 0
Sign in to join the conversation
Sign In Create AccountNo comments yet. Be the first to share your thoughts!