Upadeshana best counsellor for unsuspecting investors

by Charmaine FERNANDO

"High interest rates entice the unsuspecting investor. The average income earner is loaded with Credit Card and loan offers. Banks focus on their profitability and induce people to spend. People get in to this 'Credit trap' sending them deeper into debt" said, Governor Central Bank, Ajith Nivard Cabraal launching 'Upadeshana' Credit Counselling Centre in Rajagiriya. Upadeshana Credit Counselling Centre was launched by the Sri Lanka Bank's Association.

It will comprise a team of senior bankers with wide experience in recoveries and branch banking, ready to counsel borrowers in managing their debt obligations, particularly those who find the circumstances have changed and are now unable to meet their debts. Upadeshana Centre will be open to the public and councelling will be free at the initial stages.

This will help the small and medium scale entrepreneurs and individuals who are presently in debt due to unplanned spend to review their financial situation and find viable solutions. The team will help borrowers manage their day to day finances professionally and help settle their debts. This is an essential need to sustain and safeguard the financial services sector.

"Credit related global crisis is impacting us and the tremors could be felt. Credit counselling, therefore is a crying need. The Central Bank in collaboration with the Sri Lanka Bank's Association is launching this initiative to fill the gap in debt management services, beneficial to both the lender and borrower" said Rajendra Theagarajah, Chairman of the SL Bank's Association.