Ask an expert
Aim:
To find out more about borrowing and repaying money.
You will need:
A speaker from a bank, credit union or other financial institution.
Duration:
1 hour (plus time to arrange)
Arrange to visit a bank, credit union or microcredit organisation. Ask if someone will be able to speak to the group about borrowing money, repaying loans, how interest is calculated etc. Alternatively ask if a representative will be able to come to speak at one of your group meetings.
Beforehand the group should plan any questions you might want to ask. Some suggestions:
- How much money can a person borrow?
- How do you decide who can borrow money?
- Does it matter what the money is used for?
- What rate of interest is charged?
- How quickly do you have to pay money back?
- What happens if people cannot pay their money back?
The aim is to find out more about borrowing and debt at a personal level. Becoming more familiar with loans and repayments may help you understand more about poor country debt.
Extra option
Find out more about microcredit organisations. These are set up to lend small amounts of money to people who would not be able to get a loan from a conventional bank. They often lend money to women, to help them start up small businesses to earn their own income and care for their families. Find out more here:
- http://www.yearofmicrocredit.org/
- http://www.microcreditsummit.org/involve/page1.htm#Introduction
- http://www.un.org/events/microcredit/