The topic for this City Press/ABSA Money Makeover podcast could not be more relevant given the financial stress so many households are feeling with the COVID-19 crisis.
Falling into a debt trap often happens because of a change in personal circumstances rather than living a flashy lifestyle. But it is how you respond to the crisis that will determine how quickly you can recover.
Maya (@mayaonmoney) and Mapalo (@womanandfinance) chat to Money Makeover contestant Peter and his wife Helen about how they found themselves sliding slowly into a debt trap as they used their credit card to get by. They also chat to Absa financial adviser Leighanne Decker about the advice she has given the couple and the options available to them to settle their debt.
In the second part of the podcast we hear from contestant Mishack and his Absa adviser Johan Frouws, and we provide tips on what to do if you are retrenched.
Good morning Maya,
I have 2 sons. I heard a repeat of you program on 702 re Credit Insurance.
Both have jobs. One has a car and the other is in the process of buying a car
What woulds be the best for Credit Insurance. I found your program insightful.
I see very difficult days for our country and residents. .Regards Liz van Vuuren 083 517 9413.
When is the Minster of Finance helping pensioners who have RA. I have a small RA but can only of
R 158 000 which is bleeding money. I can only have the final payment which it reaches R 50 000. The minster has forgotten about private pensioners. Regards Liz
Credit insurance has suddenly become very popular! They should find out if it also covers “loss of income” – that has been an important clause in the current situation.
With the RA do you mean you are drawing an income from it or is this pre-retirement? Is it in a living annuity?