Money Makeover winner Samke chats to Maya and Mapalo about struggling with debt and how she achieved her goal of being debt free by the age of 27.
Category - Debt
One of the more frequent questions people ask is whether or not to use a lump sum to pay off debt.
Using a credit card makes a lot of sense, as long as you have the self discipline to manage it properly.
The recent FinScope SA report, which analyses how consumers are using financial products and services, has revealed a concerning trend around credit extension.
Beware the false hope behind debt relief headlines.
South African households appear to have a better handle on debt levels, but this could be at the expense of savings, especially for emergencies.
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.