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....
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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...
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...
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...
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?...
Failing to plan: a recipe for disaster
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...
Buying a home now could make sense
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....
Interest rate hikes: when will it end?
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...
Listen: How I paid off a mountain of debt
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...
Improve your credit score
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...
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Avoid the debt collection agency
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 handed over to a debt...
Beware hidden costs on your credit card
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 Iain MacKinnon did...
Is “Buy Now, Pay Later” good for your pocket?
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 different payment...
Beware sexually transmitted debt
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 of love fraud. The...
What you need to know about taking out a student loan
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. We spoke to several...
Should you fix your interest rate?
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...
SARS gets serious over non-compliance
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...
Should I use my retirement lump sum to settle my debt?
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...
The 2022 survival budget
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...
Pay off my bond or invest?
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...