Are you tired of being broke? I know that at one point in my life, I certainly couldn't handle. I turned every cent over twice. I even had to turn down parties, holidays and family gatherings because I just didn't have the money.
And I know I'm not the only South African who knows what it is like to be broke. Fortunately, I managed to dig myself out of by broke hole and today I live a life free... ››› more
Debt does have its uses, such as helping you to buy a property. But if you use debt to fund your lifestyle, it's time to address the situation.
Carrying a lot of debt means you're working to service this debt, plus it stops you working towards financial goals.
So how can you get out of debt?
Read on to find out…
Prioritise your debt
The first step is going through all the debt ... ››› more
In an ideal world, you'd have enough money to pay for everything you need in cash, including your home. But for many people, debt ends up becoming part of their everyday lives.
Yes, the majority of people need to borrow from the bank to buy a property, but you should be wary about other debt you take on.
So what if you're struggling with the debt you already have?
Read on to find out how ... ››› more
The holidays are almost here and that means the spending frenzy is well on its way. Retailers will go out of their way to make their special offers more enticing and convince customers to shop like there is no tomorrow.
The question is what will you do? Will you give retailers and marketers satisfaction? Will you shop ‘til you drop or will you be more responsible and protect your savings from... ››› more
Do you feel stuck in debt? With every purchase you make, do you get sink deeper and deeper into debt? Then it's time to take action and work on paying off your debt as quickly as possible.
While it may take years to completely pay off your debt, it's highly advisable that you take action starting now, instead of postponing it to an unknown future date.
Here is how to pay off your debt strate... ››› more
In a down or uncertain economy, the smartest thing you can do is reduce debt in all areas of your life. Paying off your mortgage loan sooner is one of the best things you can do for your financial future.
On the road to financial freedom, you're going to have to make a few sacrifices. Paying off your mortgage sooner will be worth the trouble, since the psychological and financial rewards of be... ››› more
Everyone can fall victim to credit card scams. Knowing how to protect yourself and watching out for potential threats can make it much more difficult for scammers to take control of your credit card account.
Don't think that it can't happen to you. Because it can. And Christmas is that time of year when credit card fraud is at its peak.
Here are a few ways you can protect your credit cards fr... ››› more
So you've decided it's time to get rid of the debt that has been piling up. Good for you! Making the decision to tackle your debt is an important one.
The next step would be to decide on a debt payment method. You may be familiar with the two popular debt pay-off strategies: Snowball and Avalanche.
Today we’ll take a closer look at both of them to better understand what they entail and whic... ››› more
We know you're in a terrible hurry to get rid of debt. But certain debt reducing strategies may be more detrimental than beneficial.
Don't choose the quick and easy way out because it rarely works. Here are some debt reducing strategies that are dangerous to your financial well-being.
1. Borrowing money from your retirement account
Paying off your current debt may be on top of your to-do... ››› more
Are you trying to keep your credit clean? When it comes to maintaining a good credit score, there are certain mistakes that should be avoided.
Manage your credit by following these tips.
1. Create an emergency fund
If you don’t have an emergency fund, it’s time to start saving. Keep at least three months’ worth of savings in a special emergency fund, to use for unexpected situatio... ››› more
Poor money management skills and overspending can lead to serious debt problems. It's quite easy to get into debt, getting out of debt is much more difficult, however.
With determination and hard work, you can reduce your debt without resorting to costly debt advisors. Here are a few tips to help you cut your debt in half.
Evaluate your debts
Gather up all your debt statements and finan... ››› more
Do you have a feeling you are headed towards financial collapse but aren't sure of it? Then it's time to take a look at your spending habits and at your bank statements and figure out what you are doing wrong.
The following signs show that you’re clearly headed towards financial trouble.
1. You use credit cards for everyday purchases instead of paying using cash or debit cards.
2. Yo... ››› more
If you are buried in debt and feel like there is no way out, it's time to seek real solutions to your problem. Not being able to handle your debt can be extremely stressful, so it's a good idea to seek counselling from a debt advisor.
Debt review is the process through which a financial advisor performs a financial assessment and determines the best methods of managing and paying off the debt. ... ››› more
Are you worried because your credit score is unexpectedly low, yet you have no idea how it got that way? You may be guilty of having made certain mistakes along the way.
The following mistakes can negatively affect your credit score, so make sure you avoid them.
Mistake #1: Missed or late payments
Creditors will judge you on your ability to pay your bills on time. Missing even one paymen... ››› more
What is the secret to getting out of debt? If you're looking for some magic way to eliminate debt, you won't find it. The harsh truth is that it's fairly easy to get into debt, but difficult to get out of it.
The reason why you got into debt is irrelevant. People get into consumer debt for various reasons: they want to keep up with their higher-earning peers, they want to buy things they know ... ››› more
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