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Help! I am drowning in debt. I earn Sh87,000 but take home Sh11,000!
Financial recovery is a gradual process that requires discipline and willpower. Focus on small milestones, such as clearing one debt or finding a new income stream.
My name is Donovan. I am stuck financially due to loans and debts. My gross pay is Sh87,000 which translates to a net of about Sh60,000.
In 2020, I took a loan of about Sh1.5 million from the bank and made a deposit of Sh1.2 million to a company to buy 14-seater matatu which cost Sh2.4 million. We agreed that I would pay the balance of Sh1.2 million in monthly instalments of Sh60,000. Due to the 2020 Covid pandemic though, my business was unable to pay the instalments. I went back to the bank for a top up, and this further put pressure on my salary. Today, I am earning Sh11,000 per month.
