Lendtechs – a new lending culture
The online lending sector, or lendtechs, is creating a completely new culture of lending in Poland. LOANDO Group experts argue that if we want to...
In a situation when a close person falls into debt which was needed in order to repay the previous debts, it is worth considering a therapy session with a specialist. Another, maybe a more radical solution, is also to cancel the identity card of such a person, but it is a long and tedious procedure. One of the most important aspects, however, is financial education from a young age.
Marcin Sikora, LOANDO Group CSO, commented: Responsibility for passing such knowledge lies both with parents, schools and financial institutions. Long-term bad financial standing and its effects may be the most problematic. Just entering the person into the BIK [Loan Information Office] type database can make one’s life difficult in the future, but carrying out such measures as incapacitation or cancelling one’s identity card may become a barrier not only when we want to borrow money, but also in many everyday situations where we need a personal identity card to function. Breaking taboo in regard to talking about finances may not save us from risking getting entangled in the spiral of debt at all, but it will surely reduce such risk. And for this reason we have been working a lot in order to educate our consumers for years.
You can read more about the problem of addiction to debt in the LOANDO Group piece on interia.pl (click here).