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Listen: Know the difference between good, bad and ugly credit

Listen: Know the difference between good, bad and ugly credit

Is there such a thing as good credit? What forms of credit should you avoid at all cost? In this podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) discuss the good and dark side of credit and whether the concept of the lay-by will come...

Video: Pay back that payment holiday

Video: Pay back that payment holiday

We've seen many financial institutions offer their customers a debt payment holiday during these trying times. And while it may seem like a welcome relief, be careful because it might end up costing you a lot more than you realize. According to the...

How to save for your goals to avoid debt

How to save for your goals to avoid debt

One of the main reasons we have a credit crisis in South Africa is that we never plan and save towards our goals, because it’s just easier to borrow. Change your dependency on credit by planning for those money moments and start saving for your...

Q&A: Interest rates

Q&A: Interest rates

We’ve had significant cuts in the interest rate this year. On 1 January 2020, the prime interest rate was 10%, and as of 22 May, it had been reduced to 7.25%. The current repo rate of 3.75% is the lowest it's been for almost 47 years. So it's not...

Listen: Beware the payment-holiday trap

Listen: Beware the payment-holiday trap

Payment holidays are a lot like real holidays – they end up costing more than you realise. In this podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) look at the costs of debt-payment holidays and how to get back on track after taking one.

Video: When to use the budget facility on your credit card

Video: When to use the budget facility on your credit card

If you are a regular watcher of Money Matters you will know that the best way to manage a credit card is to pay it off in full at the end of each month. A credit card acts as a revolving loan. If you are only paying off the minimum instalment...

Loan scheme now available for small businesses

Loan scheme now available for small businesses

National Treasury recently announced that it had provided a guarantee of R100bn to banks to provide additional funding for small businesses. This will be increased to R200bn if it is necessary and the Scheme is successful. “This guaranteed loan...

What to do if your debt counsellor goes AWOL

What to do if your debt counsellor goes AWOL

If your debt counsellor is not registered, or not contactable, or not providing you the required service, then you can transfer to another debt counsellor.  All you have to do is approach a new debt counsellor and complete the application form. It...

Video: What is considered a good credit score?

Video: What is considered a good credit score?

Say you have been working hard at improving your credit score by settling outstanding debts and you are now paid up and you want to buy a house or a car. How long before that reflects on your credit score to the extent that you are now considered a...

Unpacking interest rates

Unpacking interest rates

Last month, the South African Reserve Bank cut rates by 100 basis points and this led to many questions about the mechanism of interest rates. We unpack how interest rates work both for borrowers and savers. What is the difference between the repo...

Maya Fisher-French author of Money Questions Answered

Previous Articles

Video: Should you use your home loan to buy a car?

Home loans are usually the cheapest form of financing and it may seem like common sense to use this lower interest rate to pay for shorter-term debt like car finance. In theory you save money by paying a lower interest rate, however, most people forget that a car is...

How credit insurance can cover your debt

If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without even being aware of...

Listen: The interest rate cut and your money: 101

As a result of the unexpected 100bps cut in interest rates, we received many questions about interest rates, and the impact the rate cut has on both borrowers and savers. Maya (@mayaonmoney) and Mapalo (@womanandfinance) unpack how interest rates work and do some...

Cashflow relief is better than a term extension on your loan

Taking a payment holiday should only be done if you really have no way to meet your monthly debt payment. It adds to the cost of your loan and can add significantly to the period of your home loan, especially if you recently bought your property. For example, if you...

Credit Life Insurance 101

This post was sponsored by Yalu. Credit life insurance is poorly understood in South Africa. This is ironic, because it’s one of the best risk-management tools available to the consumer – especially in challenging economic times. From COVID-19 to junk status, few...

Money Makeover: Avoid the slippery slope of credit dependency

The outbreak of COVID-19 and the lockdown will have far-reaching consequences for many households. Even before this crisis, people found it hard to make ends meet as salaries failed to keep up with the cost of living. This leads to the slippery slope of credit...

Options for lockdown debt relief

Credit life payouts and payment holidays are on the cards. But it will only be for those who are directly impacted by the lockdown, and will come with Ts and Cs. While we are expecting more announcements from the banks, they have all indicated that they will be...

Money Makeover: Kill the credit card debt

All of our 2020 Money Makeover candidates were struggling with credit card debt. When your spending exceeds your income, it is easy to slip into the habit of using your credit card to make it to the end of the month. But unless you are paying it off in full each...

Video: How to exit debt review

You can apply for debt review if you are unable to meet your debt commitments. However, in some cases, your finances may improve and you may wish to exit debt review. Whether or not you are able to exit will be determined by where you are in the process. When you...

When to consider debt counselling

As salaries struggle to keep up with inflation, and the economy in general continues to deteriorate, many middle- and higher-income earners are now relying more heavily on unsecured loans to maintain their lifestyles. As a result, many more South Africans are now...

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