Rising living costs, easy access to credit, and poor financial planning continue to push many people into debt.
For young professionals, the transition into stable income often comes with pressure to sustain a lifestyle they cannot afford.
From mobile loans to credit cards and informal borrowing, debt accumulates quickly—especially where financial literacy is limited and spending decisions are driven by impulse rather than planning.
Experts note that common causes of debt include overspending, lack of budgeting, emergencies without savings, and reliance on high-interest loans.
In Kenya’s fast-paced urban economy, many fall into the trap of borrowing to maintain appearances or meet short-term needs, only to find themselves stuck in a cycle of repayment and reborrowing.
For Josiah, the reality of debt became clear shortly after landing his first job.
“I thought I had made it,” he told this publication. “The moment I started earning, I upgraded my lifestyle. I moved into a more expensive house, bought things I didn’t need, and relied heavily on mobile loans. At the time, it felt manageable—until it wasn’t.”
Josiah admits that within a year, he had accumulated multiple debts from different lenders, each with mounting interest rates.
“I was servicing one loan using another. My salary would come in and disappear almost immediately. The pressure became overwhelming. I couldn’t sleep, and I avoided calls from unknown numbers because I knew it was debt collectors.”
The turning point came when he sought professional financial advice.
“I realized I couldn’t fix it alone. I spoke to a financial advisor who helped me understand my situation clearly. The first step was accepting the reality of my debt without denial.”
Under guidance, Josiah created a strict budget, cut unnecessary expenses, and prioritized clearing high-interest loans first. He also negotiated repayment plans with lenders—something he had initially feared.
“It wasn’t easy. I had to make serious sacrifices. No outings, no impulse buying. Every shilling had a purpose,” he explained.
Over time, consistency began to pay off.
“It took discipline and patience, but I slowly cleared my debts. Today, I live within my means. I save first before spending, and I avoid unnecessary borrowing.”
Financial experts emphasize that becoming debt-free requires intentional habits: budgeting, saving, controlled spending, and seeking professional guidance when overwhelmed.
Josiah’s experience reflects a broader lesson—while falling into debt can happen quickly, getting out requires structure, discipline, and a willingness to change financial behavior. Get The Full Story Here