I received an email from First Bank in January prompting me about their transition from LIBOR to ARR. What is LIBOR? What is ARR? What is SOFR? What is the reason for the transition? How does it affect me? LIBOR is an acronym for London Interbank Offered Rate. In layman terms, LIBOR is a daily …
While financial institutes profit from individuals and businesses taking on loans, people are put in a situation where they sometimes have to pay far above what was borrowed as a result of interest and late payment fees. This of course causes significant strains on a person’s finances. According to the CNBC report, the average debt …
In the world today, the term credit rating is one of the most important things individuals and businesses monitor in their lives as everyone and every business has one. The difference here is that some countries lay more emphasis on credit ratings than others. That being said, everyone has a credit score. Credit ratings are …
With the current economic situation in Nigeria, many people have been more encouraged to save and invest especially in foreign currency to avoid getting into a financial runt. However, several people are already in debt and must then decide how to apportion their earnings towards savings/investments and settling debts. We are usually saving towards a …
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Debt is a common tool employed by entities (individuals and companies) on their journey to financial freedom. As debt comes with financial restraints, it is important we monitor our debt appetite and usage. Quite often, we get so overwhelmed with bills that it becomes hard to keep up with our finances and we end up …
Broadstreet Financial Review 