For the 4th continuous time "Farm Credit Armenia" credit cooperative realized "Borrow Wisely" annual educational campaign, initiated by the Microfinance Center (MFC). During the month of October "Farm Credit" organized seminar-discussions within the frames of the campaign in 7 regions of RA that were aimed to help the customers to understand how to take on wise and responsible levels of debt. During the month Farm Credit’s staff continuously presented to the existing and potential customers the main messages of the campaign by distributing posters and booklets. The permanent motto of "Borrow Wisely" campaign is: "Manage your debt, do not let it manage you".
The main messages of the campaign are:
-How much can I afford to borrow?
-Do I know how much I will pay?
-Do I fully understand the contract?
-What should I do if I am not satisfied?
-What are the risks of a foreign-currency loan?
Besides the main messages of the campaign this year for the first time MFC proposed its customers an innovative tool – the Financial Health Check Test, and some tips on how to control one’s own incomes and expenses. This test helps to reveal the weak and strong financial traits of an individual. As a result the customers are able to check the productiveness of their income and expenses management, as well as their sustainability to external financial turbulences and to see how well they manage to plan their long-term financial future.
This year seminars were organized in "Masis", "Kotayq", "Artashat", "Ejmiatsin", "Ashtarak" and "Myasnikyan" branches, as well as in Argavand village of Armavir region, Areni village of Vayots Dzor region, Sisian and Goris cities. 142 member-shareholders and potential customers took part in the seminar-discussions. Being the only credit cooperative in RA, "Farm Credit Armenia" gives a great importance to its ability of correct lending and protecting its customers from overloading. On the other hand it is not less important to raise the financial educational level of the borrowers and help them to develop an ability of correct and wise borrowing. Therefore, "Borrow Wisely" campaign plays a considerable role in the realization of the above mentioned goals and in achieving positive results. Every year the financial educational level of the cooperative’s member-shareholders raises, which is the main objective of the campaign.