Farm Credit Armenia has summarized "Borrow wisely" international educational Campaign, which has been held from the 1st to 31st of October. It is already the second year that MFC organizes the Borrow wisely Campaign and this year MFC has teamed up with 24 financial institutions from 15 countries including Farm Credit Armenia.
During the campaign Farm Credit has organized 13 meetings in 5 marzes of RA and more than 220 member-borrowers have participated in the above mentioned meetings.
"Borrow wisely" educational Campaign aims to improve the level of the financial literacy and the awareness of the rights and responsibilities of clients.
The Campaign is based on the following slogan – "Manage your debt, do not let it manage you".
The speakers explained the audience the process of crediting with targeted educational messages. The process includes risk assessment, contractual obligations, the difference between nominal and real interest rates, etc.
The followings points were the main significant questions which have been discussed during the meetings:
1. How much loan I can borrow?
2. Do I know how much I will pay?
3. Do I fully understand the contract?
4. What should I do, if I am not satisfied with my bank?
5. How can I control my debt level?
This year, the clients have also been informed about the potential risk of borrowings in foreign currency.
The participants of the meetings have discussed above mentioned questions on real examples, which had been prepared especially for the Campaign. The meetings have been made more productive due to the active participation and interaction of the member-shareholders of Farm Credit.
Cooperative principles were highlighted during the meetings and this was a good chance to update the achievements and challenges of Farm Credit once more.
The meetings have been organized both in the regional branches of Farm Credit and in several villages in different marzes, i.e. in Hovtashat, Marmarashen, Ghukasavan from Masis region, Zartonq, Artashar, Noravan from Armavir, Aygezard from Artashat, Khndzoresk from Syuniq marz.