People with lower incomes who plan properly are more financially secure than those earning higher salaries but failing to plan. Each year, I am involved in the Money Makeover Challenge, in association with City Press and Absa. It is a highlight in...
While the increasing interest rates will make buying a home more financially challenging, buying at the top of an interest rate cycle could be a smart move. Firstly, higher interest rates temper demand, so property prices may come down slightly....
Aggressive interest rate hikes may have more to do with the currency than local inflation. The decision in September to increase interest rates by 75 basis points was an aggressive decision by the Monetary Policy Committee (MPC) considering the...
In this podcast, Maya (@mayaonmoney) speaks to Ntombi Dube, a remarkable woman who paid off a mountain of debt ‒ R700 000 of it, to be precise. In a recent survey, a debt counselling firm asked financially stressed South Africans: “Why have you not...
Whether you want to buy a property or a car, most South Africans need credit to do so. And, strange as it may seem, knowing how much credit you qualify for and how you can improve your credit score may just be critical to your ability to continue...
Missing one or two payments on your debt obligation is not a train smash, but once you miss three payments in a row, you are now in default. This means you will receive a negative listing on your credit record and in many cases your debt will be...
A pensioner was shocked to discover that a TymeBank credit card comes with a mandatory fee for compulsory credit insurance. It is good financial management to check all the costs involved when taking on credit, and this is exactly what pensioner...
Buy Now, Pay Later (BNPL) has taken the world by storm, and has now hit online retailers in South Africa. What is it all about, and is it good for consumers? If you regularly shop online, you will notice that there has been an exponential growth in...
National Debt Advisors caution South Africans against sexually transmitted debt in light of the global prevalence of love fraud. The airing of Netflix’s most recent true-crime documentary, The Tinder Swindler, shone the spotlight on the prevalence...
If you are looking to fund your child’s tertiary education, or you are a student needing to borrow money, a student loan is the most cost-effective option. It also has more flexible repayment periods and can help a student build up a credit record....
Higher interest rates are a certainty this year, so in light of this, would it be wise to fix your interest rate now? The only prediction we can make for 2022 is higher interest rates. Globally inflation is raising its ugly head and news from the US Federal Reserve is...
Jashwin Baijoo, Legal Manager, Africa Tax and Compliance at Tax Consulting SA, warns all non-compliant taxpayers that SARS could be coming for them sooner rather than later. In media statements in recent months, the South African Revenue Service (SARS) has made clear...
A question that I often receive is whether it's a good idea to use one's lump sum on retirement to pay off short-term debts, such as car debt or one's credit card. For example, Ntombise recently wrote to me: “I have just retired from work and expect a lump sum...
As if the last two years were not tough enough, there is no silver lining awaiting us in 2022. In 2021 we absorbed further fuel-price increases, a 15% hike in electricity costs, and an interest-rate increase of 25 basis points – and this is only the start. It is...
Stephen Katzenellenbogen and Brendon Wright of NFB Private Wealth Management address a common dilemma faced by many: should I put all of my spare cash into my bond, or invest it instead? Many people are working towards the goal of being free of all debt, including...
We did this podcast a year ago, about paying off your vehicle and home loan sooner – but I thought it was worth sharing again, as Absa has now released updates on its banking app for car finance. Absa car finance customers can use the app to pay in additional funds to...
Going into debt review is like going on a diet: it’s difficult to stick to and the results won’t be immediate, but it can be life changing. While there are serious issues around the way some debt counsellors conduct themselves, for Grace Bekwa, debt review gave her...
Buying a home is a major financial commitment. While the rate of interest on a home loan is lower than for other forms of credit, the length of time it takes to pay off the loan means you end up paying a hefty interest bill. By reducing your interest rate, you can...
While debt review can be a lifeline for an over-indebted consumer, it should not be entered into lightly. You need to be aware that once you enter debt review, you cannot apply for new credit, and you cannot exit debt review until all your debts are settled. There is...
According to the Experian Consumer Default Index, repayment of car debt has shown a marked deterioration as the extended Covid-19 lockdown puts South Africans under more financial pressure. Marc Friedman, CEO of car sale platform Weelee.co.za says that to avoid a...