Cash flow problems? What's your best option?

Cash flow problems? What's your best option?

*Personal Loan?
*Credit Card?
*Debt management?
 

If you need cash, and who doesn't, there are a number of ways to get it. Each person will have a solution that is best for their own personal circumstances so here are a bunch of options that are available to you.

Personal loan 

A personal loan will only stretch to R30 0000, and the lender will have to be certain that you can pay it off. This may be the way to take care of your smaller debts.

Credit card

There are a number of credit cards that offer a good rate, but it depends what you use it for. If you want to pay off your credit card then get a Balance Transfer card where you pay a low low interest rate, but that rate only counts if you make no new purchases. For general use get a credit card with the lowest interest rate if you keep a negative balance and don't pay off your card each month, or the highest credit interest paid if you not only pay off your spend, but also keep a positive balance on your card, or one with the best rewards if you pay off your balance and want benefits such as air miles.

Debt

If you have a property you could look to consolidate your debts with a bigger mortgage, known as debt consolidation. Otherwise, shopping around for a new mortgage could help to lower your repayments, click here for our debt consolidation calculator. If you are having difficulties in meeting your debt repayment obligations, or if you have fallen behind with your debt payments, you may need debt management where an expert can help you to restructure your debts and pay them off with one monthly figure.