With inflation on the increase thanks to the plunging rand, consumer debt is going to feel the pressure as the cost of living increases. The National Credit Regulator is laying down the law revealing that it's been behind the arrest of 13 people for unscrupulous lending practices…
Everyone is feeling the pinch as the economy’s woes continue.
But the less money you have, the more vulnerabl... ››› more
“Over-indebtedness of ordinary South Africans seems to be spiralling out of control,” reports Fin24. This comes after a recent debt survey done by the media group showed that just 2.06% of the more than 32,000 respondents have no debt. If you're one of them - you need to take action before it's too late.
“While the National Credit Act managed to buffer the effect of the last recession on ... ››› more
Let's face it…We've all got debt. But the problem is, we don't know how much is enough! And nowadays the banks are offering juicy loans to pretty much anyone without even doing a proper background check. It's no wonder we're facing an unsecured lending crisis in South Africa! You see, most people don't realise, just because you qualify for a loan doesn't mean you should take one.
After a... ››› more
On the back of Capitec's good financial results, the media's reporting concern over the unsecured loans Capitec offers that put many consumers into an endless spiral of debt. Here's how to make sure you don't slip into a debt spiral when you apply for credit to fund a purchase…
There’s a good reason many are wary of unsecured loans like those offered by Capitec Bank: An unsecured l... ››› more
Debt is like a chainsaw: Rev it up when you need to tackle something big, but handle it carefully or else it'll kill you! Chainsaws are one of the most dangerous tools to use and can cause horrific injuries! But used correctly they're awesomely efficient machines that get the job done.
Like a chainsaw, debt can be very dangerous, but used correctly it is a very powerful tool in your financial wo... ››› more
Credit card fraud's been in the headlines this past week, but it's not the only way to lose money. In fact, a Moneyweb investigation has just uncovered fraud and corruption in the local garnishee and administration order industry! That's why you need to make sure a garnishee order you or your employees face is legal before you take another step...
There’s little wonder that the state i... ››› more
Looking to dry up your debt? Sappi is too, by refinancing its $2.1 billion debt at more favourable rates. But there's a better way to get out of debt if you're facing a smaller amount than this. It's as easy as 1,2,3…
Sappi’s strategic move towards higher-margin businesses will incur more debt in the short term, says the FinancialMail.
Many people make a similar m... ››› more
Eurozone finance ministers formally approved the terms of the problematic Cyprus debt rescue on Friday. But it's not just countries struggling with debt. With the never-ending set of petrol price increases as well as the 8% hike in electricity tariffs, most South Africans' savings will take a knock in the coming months. But you don't have to join the indebted trend. Here's how to safeguard your sa... ››› more
The University of Pretoria (UP) this week released the findings and recommendations of its second report into garnishee abuse. Often seen as the ‘last step' in collecting debt from over-indebted consumers, the state is looking to abolish the garnishee system entirely as it continues to be abused by debt collectors. Read on to discover a smart way to pay off your debt without having a garnishee o... ››› more
Once you start living in debt, it's hard to get out. The more you spend, the more you need to start paying off debt to ensure you don't enter a debt black hole. That's why you end up borrowing from friends and family to make ends meet. It's no wonder that more than half of all South Africans feel they'll never be financially free from the debt cycle, as Visa's recently released Wealth Worries Surv... ››› more
The results of FNB's latest Household Consumer Debt Service Risk Index show you're probably living beyond your means. But there's an easy way to take control of your finances again. Just cut back on the luxuries you can't actually afford and tend to buy on credit. This way, you'll soon be living with less debt, leaving you with more disposable income to spend and save for those little luxuries. FN... ››› more
Despite denying a previous statement that Zimbabwe has just $US217 left in cash in the bank, the country desperately needs foreign donors to provide enough for this year's electoral spending. Bankruptcy puts you at the mercy of others and can have disastrous consequences. But you don't have to become desperate. Here are five measures you can put in place today to clear your bad debt and avoid fili... ››› more
Reckless spending is a surefire way to find yourselfoverwhelmed by debt. But you're not alone - even debt counsellors can take drastic measures to get out of debt. Four debt counsellors have just been deregistered for contravening the National Credit Act. If your spending is starting to get out of control, check if you have the four symptoms of reckless spending and take action now! Even debt coun... ››› more
South Africa is sitting on a debt time bomb, with some creditors allowing consumers up to 80% of their monthly income to repay debt. One way to get out of the spiral of perpetual debt faster is to consolidate your debt. This will take the weight off your shoulders as you're not facing multiple debt accounts with high interest rates, you just need to face one. Even if you're not convinced debt cons... ››› more
Consumer debt doesn't just affect you. It has drastic implications for the global economy.
That's why Moody's has just cut the credit ratings of six of Canada's biggest banks based on the country's rising consumer debt. If you're already in debt, you can take three steps to minimise it, even if you're paying off a garnishee order. Moody’s has cut the credit ratings of six of Canada’s biggest ... ››› more
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