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Minister of Finance and the Public Service, Audley Shaw, has said that the debt overhang, which has been put at over a trillion dollars, is having a serious effect on the country.
“The debt overhang is a problem, as it robs us of the ability to adequately finance education and health care, road repairs and other infrastructure. It just robs us of too much, when 54 dollars out of a hundred dollar bill has to be drawn out for just debt servicing,” Mr. Shaw said.
He was speaking at the launch of Cuna Mutual Group’s new product – the Payment Protector Rider – on Wednesday (October 22), at the Hilton Kingston Hotel.
The Minister emphasised that a lot of hard work would be required to deal with the debt that the country is currently facing.
“It is going to be a lot of hard work that is required, but I believe that if we are dedicated to the task, if we are purposeful and if we understand that our redemption is not going to come from the United States; our redemption will ultimately be of our own individual initiative and our own hard work and efficiency,” Mr. Shaw said.
Senior Account Relationship Manager at the Cuna Mutual Group, Nichola Johnson Young, explained that the Payment Protector Rider, provides a benefit to the policy holder in the event of temporary disability, through sickness or accident.
She also explained that the Payment Protector Rider assumes the insured’s payment of his loan to his or her credit union during the period of disability, up to a maximum of 24 months.
“The Payment Protector Rider is integrated into the loan transaction process. By this, it provides a convenient premium payment collection opportunity for the members and for the credit union,” Mrs. Johnson Young said.
Persons qualify for Cuna Mutual’s Payment Protector Rider by being a member of a credit union with a loan from that credit union and being between 18 and 25 years old.