Getting into debt may not be on your to-do list, yet it happens to everyone sooner or later.
Proper financial planning helps you avoid getting into debt in the first place, yet few people know the principles of money management.
The good news is that financial planning can be learned and avoiding debt can become a habit.
Here are some practical tips to help you avoid bad debt.
1. Make ... ››› more
Some 17,000 motorists put their faith in the ‘Buy a New Car for R699' scheme. But the scheme has now come crashing down.
This has left thousands of motorists with credit agreements that they can ill afford.
If you've been a victim of this scheme, what can you do?
Read on to find out…
What is the ‘Buy a New Car for R699’ scheme?
The target of the ‘Buy a New Car for R699’ w... ››› more
University tuition fees are on the rise, so it's only normal that more and more young people are taking student loans in order to pay for college.
The problem is paying back these student loans. It can take decades to pay off a student loan if you're not disciplined. But if you commit yourself to paying off the loan as quickly as possible, you can achieve your goals in only a few years time.
... ››› more
When you want to get a loan or a new credit, lenders will look at your credit report before deciding whether to approve the loan and how much interest to charge.
Your credit report is a detailed financial history, which includes information such as bills, missed payments, debts, available credit, and bankruptcies.
This type of information will remain on your credit report between seven and ... ››› more
Having a good credit score will definitely help make your life easier. Bad credit can seriously affect your financial reputation.
A good credit score will increase your chances of getting credit card and loan approvals and help you get low interest rates.
How can you keep a good credit score and an intact financial reputation? Here are some useful tips:
Tip #1: Make payments on time
... ››› more
Earlier today, the National Credit Regulator (NCR) said it had told the UK payday loan company Wonga to improve aspects of its compliance at its South African arm.
The regulator found the company wasn't conducting the checks required of it.
Let's take a closer look at what's going on…
Wonga applied poor credit checks
The NCR says it has instructed “the local unit of British payday le... ››› more
Debt affects most people, at one time or another. Although it's best to avoid getting into debt in the first place, sometimes debt cannot be prevented.
What you do to get out of debt and take back control of your finances is extremely important.
Here's what you need to do in order to control your debt before it controls you.
Step 1: Acknowledge that you have a problem
The first step... ››› more
Post-secondary education costs are on the increase and this leads many young people to take out student loans.
When you're just out of high school and getting ready to start college, you don't really understand how a student loan will actually influence your life. But most people finish paying off their student loans late in their 40's or 50's, which can be frightening when you think about it.... ››› more
If you're struggling with debt, perhaps debt consolidation has crossed your mind as a viable solution.
Debt consolidation advertisements are everywhere - you can't miss them. However, you should be aware that there are many scammers out there who pretend to make your debts magically disappear in exchange for your last money. Don't fall into their trap!
Debt consolidation is by no means a ma... ››› more
Being buried in debt is not fun at all. Freeing yourself from debt can be the most exhilarating experience, but it does come with certain sacrifices.
If you find yourself in uncontrollable debt, then you are doing something wrong. Most probably, you are being neglectful of your finances, not taking proper measures to get out of debt as quickly as possible.
Don't expect to bounce back from de... ››› more
It's all too easy to go out spending on your credit card. It's only when the statement comes in you realise how much you might have overspent. And it's not just women who find it hard to resist credit. The number of South Africans accessing easy credit is booming. Let's take a closer look at our use of credit…
The executive head at 1st of Women Insurance, Robyn Farrell says that the downfall f... ››› more
The introduction of the National Credit Act was in a bid to curtail reckless lending. But what does the Act do and what does it mean for you?
The National Credit Regulator (NCR) ensures credit providers stick to the rules and regulations of the National Credit Act (NCA).
The NCA came into effect just over six years ago, in June 2007.
Why introduce the National Credit Act?
The Act’s ... ››› more
Times are tough. We're all feeling the pinch as inflation ticks higher. And now the National Credit Regulator (NCR) has stepped in, warning consumers about letting their debt get out of control. Here's what's happening…
Today saw the NCR release a statement warning consumers about staying on top of their debt as statistics show that an increasing number of people are finding it harder to servi... ››› more
We all know how fears of an unsecured lending bubble have pummelled the shares of the largest lender in the sector, African Bank, in recent weeks.
We all know how fears of an unsecured lending bubble have pummelled the shares of the largest lender in the sector, African Bank, in recent weeks.
African Bank has had to write off a countless number of loans as bad debt as debtors just haven't... ››› more
"I'll never drink again!" is a common slogan when someone wakes up after a night of wild drinking with a hammering headache and their stomach rolling around like a timberland shoe in a washing machine. Well, you did have that final drink, after you said it was your last one five drinks ago.The one that put you over the top and now you're suffering for it.The same happens when you've got too much ... ››› more
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