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East Coast Radio | Five signs that you over-indebted and how to get help

There are many reasons why people take on debt, but sometimes it can get out of hand. In this article, we look at signs that show if you are over-indebted.

20 April 2021

East Coast Radio | Five signs that you over-indebted and how to get help

Almost 80% of South Africans seek expensive unsecured loans to help them meet their monthly financial obligations, reports Business Live.

There are different types of debts.

DebtBusters lists them as follows:

  • Mortgage: The home you are financing secures the loan.
  • Car loan: The car itself is the loan collateral.
  • Home equity loan: Your home secures the debt.
  • Secured credit card: The money in your savings account or a certificate of deposit collate rises your secured credit card.
  • Line of credit: Depending on the type of credit line, it may be secured by your home, the funds in your bank account, a certificate of deposit, or some other asset you own.
  • Unsecured debt is a type of debt that relies on your written promise, with no secured collateral.

Read the full article here.

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