South African households appear to have a better handle on debt levels, but this could be at the expense of savings, especially for emergencies.
Category - Debt
Your joint mortgage may form part of your partner’s debt review without your consent.
There is a misconception that debt intervention proposals currently being considered could mean that some debts are likely to be written off.
Just because a credit retailer no longer requires a payslip or bank account doesn’t mean they won’t have to do an affordability test.
While regulated lenders do charge less than unregulated loan sharks, it is undeniable that borrowing money in the short term is very expensive and can easily lead to the situation where you are caught in an ever- increasing cycle of debt.
Illegal loan sharks continue to operate across South Africa, using threats to collect payment, keeping customers’ bank cards and IDs, and charging interest rates so high that the client will never be able to pay it off.
After four months of debt review, a reader is so relieved and happy about the changes in his life, he wanted to share his story.
The latest figures from the TransUnion SA Consumer Credit Index suggest that South African consumers are starting to wean themselves off credit and are learning to better manage their debt repayments.
Is financial education more important than free education?
In South Africa, filing for bankruptcy is possible, but it’s not easy.