We had shared about this "borrow money with my land" culture a year or two years ago. But just like any other toxic and sinful things we had in our lives, it tends to sneak up on us without notice. Recently, we found out more and more of our students' family or relatives are in debt and in the edge of forfeiting their home (land). These loan has an interest rate as high as 35% per year but they were advertised as the "savior" to help poor villagers to get money to pay for whatever they need.
Consumer Loan (Micro-Finance) In Cambodia, it is getting more and more popular to borrow money to buy phones, motorcycle, and other things. There is always a "payment plan" that make the young people feel comfortable and attractive to borrow money to buy what they want right away!
So, in one of the Saturday fellowships, we taught our students about loans, interest rate, and payment. After the exercises, we all found that the popular phone interest rate is about 20-25% (per year) and the motorcycle is about 25-35% (per year)!
Pray that God gives us wisdom how to educate our students and their families on the danger of debt.
 |
| Most students DO NOT know how to calculate basic percentage, not to mention interest rate. |
 |
| Giving example on interest rate |
 |
| Students are amazed by the "REAL COST" of the US$99/month to buy a motorcycle. |
 |
| THEY ARE IN SHOCK! |
 |
| Giving more example on different kinds of loans. |
 |
| An example to explain the "REAL COST" to buy the motorcycle. |
No comments:
Post a Comment