Visa Mauritius Educates Customers On Expenses

In relation to this, Visa Mauritius, a worldwide society specialising in payment technologies is consolidating its corporate social responsibility (CSR) programme with the financial education of the customer as top priority. It will educate them on managing their expenses and maintaining a budget before getting a credit card.

Visa suggests that savings should form an important part of the monthly budget of every individual. 213,247 credit cards were in use in Mauritius at the end of September, according to BoM statistics.

The company is proposing the ‘20-10’ rule to credit card users, which involves limiting credit debt to 20 per cent of annual revenue and monthly reimbursements at 10 per cent of monthly income.

Christian Bwakira, director of Visa Mauritius declared, “Credit cards are efficient tools when utilised properly and provide short term relief in tough economic situations, “he said.

Bwakira added,”However, prevention is better than cure. We should spend intelligently.

“Understanding credit and debit management will allow debtors or those considering going for credit cards to maintain stable ground.

Reasons often cited for debt are lack of revenue, unemployment, sickness, death and mismanagement of funds. It is important to reduce unnecessary expenditure,” added Bwakira.

He cited the cost of eating in restaurants of a week compared to cooking as an example and concluded that it is the small daily efforts that count towards financial stability.