This archive report was first published on 29 December 2019.
As Kenyans prepare to usher in the new year, 2020, billionaire Chris Kirubi has sounded a warning against starting the year in debt.
According to Kirubi, beginning the year in debt is the worst mistake one can make, and he has urged Kenyans to plan their finances prudently to avoid this pitfall.
Speaking in a recent statement, Kirubi emphasized the importance of preparing budgets in advance and sticking to them to avoid overspending and the associated high appetite for borrowing.
He noted that men are leading as the most frequent borrowers from digital lending apps, and this trend is a cause for concern.
"The worst mistake you can make is beginning the New Year in debt. If you prepare your budget well in advance and stick to it, then you should have no problem. Use what you have and do not spend beyond your limit," Kirubi tweeted on Sunday, December 29.
With the festive season behind us, Kirubi's warning comes at a critical time, and Kenyans are advised to take heed and plan their finances carefully to avoid the pitfalls of debt.
