Debt articles
What are the dangers of taking out a “Christmas loan”?
As you worked out the budget for the gifts you plan to buy your loved ones this Christmas, you may have realised that what you want to give them is outside your means. To make your budget work, you may have considered a payday loan, or a “...
4 Examples of good debt to help build your credit score
Taking out credit can cost you monthly instalments for many years, along with large interest payments and credit life cover, the latter in case you default. But as demotivating as debt may seem, there are actually good reasons to consider pursuing credit.
If your creditors are hounding you, will you be charged collectors’ fees?
If your account is in arrears, and you are handed over to a collection agency, you may well be charged collection fees. We consider the legalities.
How to calculate interest on your loans
When you take out a loan, your credit provider will charge you interest on your repayments. This is essentially the monthly cost you pay to have immediate access to a lumpsum of money. But do you know how your interest is calculated?
Asset repossession - what banks want you to know
When you’re facing financial strain, it can be difficult to keep up with your debt. Unfortunately, if you refrain from paying your debt, your creditors have the right to take legal action against you. This includes repossessing your asset...
Why debt counselling is better than an administration order
If you are struggling with debt, there are a wide range of programmes that could provide some relief. However, in order to choose the best one, you must be aware of its benefits and pitfalls.
10 Questions you should ask your debt counsellor
This guide will look at 10 questions you should ask your debt counsellor before you go through with the process.
Are you overindebted?
With debt levels increasing at 13% more than income levels, South Africans are more debt-stressed now than arguably ever before. This is iterated by the National Credit Regulator’s (NCR) report that nearly half of credit-active consumers ...
4 Steps to turn around your debt
For many of us, January is the month to set goals, find renewed motivation, and make changes to areas of our lives where we feel that they’re needed. But let’s be honest, as the year and the motivation dwindles, these goals are oft...
Childhood trauma can ruin your personal finances
“It must be my fault,” you think while hopelessly staring at the remnants of your financial security. But you might be wrong. Your financial instability may be derived from childhood trauma, rather than an innate character flaw.
NCR fines Shoprite R1m for reckless lending
The National Consumer Tribunal (Tribunal) says it has found Shoprite guilty of reckless lending and fined it a whopping R1 million for its transgressions. ...
ConCourt rules property owners not responsible for inherited debt
Municipalities can no longer hound you for the debt that the former owner of your property accumulated, thanks to a new ruling made by the Constitutional Court