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...
Making sense of interest rates
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...
Buying a car in December
By Nicholas Nkosi, Head of Vehicle and Asset Finance – Personal Markets, at Standard Bank It is natural to think about the joys of starting the New Year in your dream car when your bank account is filled with an end-of-year bonus. However, is it...
Clampdown on credit insurance abuse
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,...
Five biggest debt mistakes
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....
Free financial planning workshops in Cape Town
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...
Feeling the squeeze
I recently undertook an exercise to see how much my monthly bills had gone up over the last few years and was shocked to discover that our household was spending nearly double on groceries than we had four years ago. At first I was in denial – I...
Do you qualify for credit amnesty?
Credit Ombud Manie van Schalkwyk unpacks the credit amnesty, and separates out the myths from the facts. In the lead-up to 1 April, there have been many misconceptions regarding the credit amnesty: exactly who will benefit, what information will be...
Your credit report can ruin your chances of securing a job
It is a known fact that unemployment figures in South Africa are amongst some of the highest in the world. Securing a job can prove to be one of the most difficult tasks one has to face, as job candidates are jostling with thousands of other...
Can you live debt free?
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...
Previous Articles
The risk of easy credit
“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: the kiss of death
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...
How long will it take you to pay off your credit card?
If you only pay the minimum due on your credit card you will remain indebted for decades. The Australian government’s website MoneySmart.gov.au has a very handy calculator that shows you how long it will take you to pay off your credit card based on what percentage of...
Customers are flexing their muscles, says Credit Ombudsman
Borrowers are invoking their rights against unscrupulous lenders and debt counsellors. A greater awareness by consumers around their rights when it comes to borrowing money has led to an increase in complaints related to non-bank credit transactions, with the majority...
Step-by-step guide to repairing your credit history
The DIY Credit Repair Toolkit is a must have for anyone who wants to take control of their debts If you have taken on too much debt and are struggling to manage it; have had legal action against you or even if you are just thinking about taking on credit for the first...