When interest rates go up, the cost of borrowing rises with it. The banks simply pass on the hikes in interest rates they pay to borrow money to you the customer.
The South African Reserve Bank is in the midst of increasing rates. It raised rates last week and also in July.
Chances are more interest rates hike lie ahead.
So how should you handle your debt in the face of higher interest ra... ››› 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
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
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