The founder cum Chairman of the Institute of Economic Affairs (IEA) Dr. Charles Mensa has advised people especially business operators not to go for loans to spend on this Christmas.
He was interviewed on JoyNews’ PM Express on Thursday, he voiced out that business managers should start planning on the early stages of the year.
The financial counselor continued that, employers should also deceit from borrowing money for their managers to spend on Christmas.
He indicated that employers borrowing money during Christmas “is like borrowing to get married. You’re not ready.”
“Any company that borrows to give bonuses, you are not ready. You are just acting,” he told George Wife.
He said this because credit for the money begins to be paid off in January, adding, “Where’s the profit? Where will the money come from to pay off the debt?
“So the banks will call you to their facility and then you’ll be yelling at the employees when they haven’t done anything.”
He continued advising the employees on how to spend bonuses by their companies during Christmas.
He said: “I want you to adopt something called BSI. When you get your bonus, B stands in to pay off your debts, the ones with your own personal loans that you owe, S for savings. When you pay off your debt you can probably save before investing,”