Many South Africans are drowning in debt, with rising interest rates and inflation exacerbating the situation. If you are struggling to meet your debt repayments, we are here to offer practical solutions and insights to help you regain control of...
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Listen: Using credit responsibly
This fourth episode of the Santam Insure your Future Money Bootcamp is all about using credit responsibly. It provides insights into budgeting, borrowing, and understanding the fine line between good and bad debt. I’m again joined by Mapalo Makhu...
No-fee debt counselling now available
A new non-profit organisation called Foster aims to rattle some cages by providing free debt counselling services to qualifying consumers. Debt counselling can be a lifeline to those who are truly over-indebted and there are many stories (like...
Duped by a call centre and ending up trapped in debt review
Most of us have received spam calls promising to solve our debt problems and to reduce the interest rates on our loans. In some cases, the caller pretends to be representing the National Credit Regulator (NCR) or claims to be from some government...
How to avoid having your car repossessed
Although interest rates have stabilised, a weak economy and high levels of debt mean South Africans remain financially vulnerable. If you’re struggling with car repayments and are at risk of having your car repossessed, what steps can you take?...
How to borrow responsibly
Many of the articles on this website focus on helping people to get out of debt, but credit is not necessarily a bad thing if you understand how to borrow responsibly. In personal finance, we often talk of “good” debt versus “bad” debt. Typically,...
Listen: How I paid off R85 000 in just six months
How this year’s Money Makeover Challenge winner is well on his way to being debt free. In this podcast Maya speaks to Johan, the winner of the 2023 Absa/City Press Money Makeover Challenge, and his Absa financial adviser, Takalani Badugela. Johan...
Debt is often just a click away
How social media can encourage you to overspend and destroy your finances. Once upon a time, it was easy to see when you were about to get into debt. You saw cash leaving your wallet and knew from the balance in your account that you needed to stop...
Still no action on payroll deductions
Despite several government investigations and submissions from interested parties over the past seven years, there has been no concrete action taken to address unethical payroll deductions. Concerns regarding payroll deductions have been raised for...
Unethical practices leave workers indebted and desperate
A large number of municipal workers are taking home a fraction of their pay due to unethical practices around so-called payroll loans. In one case, a mother of two children, with an unemployed husband, had total loan deductions of R5 000 off her...
Previous Articles
How to break the cycle of debt
A strong theme that emerged in the Money Makeover Challenge this year was the extent to which applicants have built up large amounts of debt in a short period of time. This phenomenon is driven by the rising cost of living and increasing interest rates. As households...
Is a R51k salary enough to comfortably afford bond repayments?
Viral Twitter thread sparks property industry debate Recently, a hypothetical question was posed around what South Africans could afford on a R51 000 net salary. This became a trending topic on Twitter, sparking debates over whether these earnings would be enough to...
Caught up in a debt cycle
As people struggle to make ends meet in an environment of rising inflation, households are increasingly being caught up in a debt cycle. Over the last few weeks, I’ve been speaking to South Africans from various walks of life as part of the shortlisting process for...
Buy a home or replace my car?
Many people are wondering whether now is the right time to buy a home for the first time, given the high interest rates. It is a common question I receive from readers. One reader wrote: "I am looking to buy a home for the first time but am concerned about the high...
Handle Black Tax Like a Pro
Black tax is not so much about money as it is about boundaries, says Ndumi Hadebe, author of Handle Black Tax like a Pro. In ten relatable stories that range from absent fathers to siblings’ expectations, self-leadership coach Hadebe explores the boundary issues that...
Can debt counselling help your credit score?
Have you thought about applying for debt counselling but decided against it, because you weren't really sure of the benefits? One benefit you may not have considered is that successfully completing debt counselling could help your credit score. Debt management company...
Can you use a pension-backed home loan to help take you off the grid?
A pension-backed home loan could be a possible solution if you're looking for a way to finance alternative energy sources for your home. Consumers are in a tight financial squeeze, with an increase in fuel prices in February, coupled with an interest-rate increase of...
How prepaid funds work in your access bond
Depending on how your access bond is structured, you might not be able to withdraw all of your prepaid funds. Many people believe that putting all of their “spare cash” into their access bond is a smart thing to do. It can serve as your emergency fund because those...
Do you have financial PTSD?
While financial PTSD might not be officially recognised by health professionals, it is a reality for many people. Money is an emotional topic for most people, regardless of age, income or profession. Having money in abundance can unlock a world of opportunities, yet...
Understand what debt counselling means
Capitec recently sent out a warning to its customers about false advertising by certain debt counselling companies. The warning stated: “Have you ever been promised immediate debt relief or a payment holiday that doesn’t affect your credit score? If it sounds too good...