Have you ever wondered how much your debt is actually costing you? It is probably a lot more than you realise by the time you have included all the interest and fees payable.
Tag - Debt
One of the more frequent questions people ask is whether or not to use a lump sum to pay off debt.
Credit can be extremely valuable in achieving life goals such as paying for tertiary education, buying a car or providing a home for your family. However, it can quickly turn into a debt trap if we start to use it for day-to-day living on items we could easily save for. What we don’t always realise is how much that debt is really costing us...
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.
The middle class is stressed out financially, but how much is a result of our lifestyle choices?
The latest figures from the Old Mutual Savings and Investment Monitor show increasing levels of financial stress, even among high-income earners.
Budgeting and knowing where your money is going is all well and good, but how do you use this knowledge to reach the goal of being debt free?
Having fallen behind on debt repayments, what's the best strategy to get your debt under control?
Using your pension to pay off your consumption debt is simply stealing from your own future.
In this episode of Change in your Pocket, we expose the hidden costs that you incur when taking on debt.