The dependency cycle is worsening, putting further pressure on those who have an income. I have to confess that the latest results from the Old Mutual Savings and Investment Monitor made for sombre reading. We all know that households are starting...
It was only when Patricia received a call from Wonga’s head of communications that she realised she had been the unwitting victim of a phising scam that has so far conned over 200 people into parting with their money. Two weeks ago Patricia...
If you can no longer afford your car, it's time to take action. Here are your options. Lucky wrote to me to find out whether or not he should sell his BMW for a loss as the cost of the car is having serious consequences on his other financial...
Why death is killing us financially “Around 85% of people’s debt problems start with a death in the family,” says debt counsellor Deborah Solomon. Despite a relatively high penetration of funeral policies, Solomon says the cost of death in families...
Despite an investigation into the rates charged by credit providers for insurance, borrowers are still paying high rates for their credit insurance. If you were stuck for cash and needed to borrow R5 000 which you would pay back over just four...
Credit Ombud Manie van Schalkwyk explains why it's vital that students pay back their study loans. Thousands of students rely on study loans to see them through their years of studying at tertiary institutions. Without these loans, many would not...
While borrowing money is generally a bad idea, a student loan is an exception. For individuals who work hard, get their qualifications and manage their loan repayments, a student loan can lead to wealth creation. According to Advtech, within two...
Last week, consumers received good news from the South African Reserve Bank (SARB) that the repo interest rate would be kept at 5.75%, which means that the retail rate at which consumers are offered credit, would stay at 9.25%. Absa provided this...
Last month we wrote about the growing global phenomenon of peer-to-peer social lending, which links borrowers and lenders directly, bypassing banks and their fees. RainFin, which was the first peer-to-peer online lending platform in South Africa,...
The costs of the wedding are just the tip of the money iceberg when it comes to getting married. In the past, according to tradition, a young couple could expect the bride’s parents to pay for their wedding with a contribution by the groom’s family...
Abuse within the credit insurance industry has led to an investigation by National Treasury into the practices of credit providers selling credit life to customers. If you have borrowed money, whether it be through a furniture retailer, micro-lender or a bank, you...
Peer-to-peer lending is a growing global phenomenon which links borrowers and lenders directly, bypassing banks and their fees. It is a similar concept to crowdsourcing except that instead of a business proposal, a borrower lists needs for a personal loan and...
Wikus Olivier, debt counsellor at DebtSafe, highlights a number of common financial mistakes that individuals often make, resulting in debt. However, these can be mitigated if discipline is practised and changes are made in spending behaviour. Consumers can often feel...
Financial Planning Week: 25-29 August CERTIFIED FINANCIAL PLANNER® professionals Craig Torr, Paul Rossouw, Ian Beere and Laverne Slater will be giving four free financial planning workshops in Cape Town on 26, 27 and 28 August, as part of Financial Planning Week in...
As banks become tighter about who they lend to, with preference going to their own client base, could banking with Capitec hurt your home loan application? This was a question posed by Akhona who has banked with Capitec for a long time. “I have been told that this...
I was recently interviewed by a magazine who asked if it is possible for a family today to live debt-free. My reply was “absolutely”. I believe that because of the proliferation of credit cards and easy access to credit, we have forgotten how to live without debt. If...
“I've always been a saver and have hated debt with a passion. I applied for a store card to create a good credit rating. It soon became clear that I am not a disciplined spender so I paid off the card and closed the account. This year I bought a car, and used my...
Debt counsellors see a surge in applications around February every year as the wheels fall off after the excesses of the festive season and the school fees are due in January. If you’re in debt, you’ll know the feelings of helplessness and desperation that can...
Recently I had two very disturbing conversations about the world of debt. The first was a conversation with someone from the Credit Ombud about how debt administrators and debt collectors farm debtors’ books. Although this practice is less lucrative now that the...
If you can prove that you are able to start making regular payments, you can request to end your debt review. When Joseph Masemola's debt began to spin out of control in 2010, he applied for debt review via a debt counsellor. Since then, he has managed to settle and...