GETTING YOUNG PEOPLE OUT OF DEBT WITH AN APP.
1 in 5 young people in the Netherlands faces significant financial problems. If not properly managed, these issues can haunt and dominate your life. With a clever app, we’re assisting young individuals in paying off their debts independently.
Jamal Oulel: “I started my entrepreneurial journey when I turned 18. In 2016, I faced some rough patches, and that’s when the bills began piling up on my doorstep. At first, just a few, but then so many that even collection agencies became involved. It ‘only’ amounted to 2,500 Euros, but I realized how rapidly those debts could grow. Collection agencies impose fines for late payments, which only make debts larger. I thought, ‘I need to do something about this.'”
This is how Socialdebt came to be—a movement and nonprofit enterprise that addresses the financial woes of young people (aged 18 to 27) in a different way than the current market standards. The platform doesn’t impose fines; instead, it rewards good financial behavior.
“Our mission is to ensure that by 2030, nobody profits from debts. While others assist with debts, we eliminate them. We do this by taking over debts from creditors and reducing the number of outstanding bills to one clear, monthly payment. Dynamic solution plans, a rewards system, and no fines, fees, or interest allow young individuals at Socialdebt the space to independently and dignifiedly get out of debt.”
I noticed how limited your options are, even with a small debt.Jamal Oulel, Founder of Socialdebt
Rotterdam is a wonderfully diverse city teeming with talents and inspiring entrepreneurs. However, it also faces numerous challenges. It’s the city with the highest prevalence of financial issues among young people, making it a place where a venture like Socialdebt is in high demand.
Rotterdam is a great place for an entrepreneur. It’s a city of action—roll up your sleeves, lend a helping hand. We’re open to new initiatives. At Socialdebt, we collaborate extensively with partners such as the Youth Office, the Rotterdam municipality, and other support organizations. Together, we strive to assist as many young people as possible in the early stages of their financial struggles.”