Consumers keep their debt hidden
Luke Hirst, MD of Debt experts Debtbusters, says ‘This statistic looks just about right for the South African consumer in Debt. It is a common problem that we see all too often. A consumer is ashamed of their over indebtedness and instead of taking the steps to correct the problem, they bury themselves in sleepless nights, anxiety and alcohol abuse.'
The UK report shows that one in five consumers are hiding their debt from their partner, while a tremendous 78% of people who have hidden debt have never confessed to the true extent of their financial dilemma. Of the 22% who did, the majority (60%) were caught out rather than chose to come clean.
Hirst continues, ‘There is such a negative stigma around debt that consumers try to pretend it is not there. This is not a solution and only exacerbates the problem. Consumers need to be aware that there are solutions out there which are specific to each individuals needs. ‘
‘With 161 749 applications for Debt counselling in South Africa to date, and this number climbing month on month, more attention needs to be given to Debt Review as an option. The stigma surrounding asking for help and approaching a registered Debt Counsellor needs to be removed. ‘
The research report went on further to say that of those who were found out, a quarter (25%) reported that they still tried to deny everything, despite the same proportion (26%) stating that hiding the debt only made their money problems worse. A breakdown of spending habits showed that expenditure on clothing was the item women were most likely to lie about while for men it was alcohol.
The dishonesty led to anxiety, with 43% complaining of loss of sleep, 21% of mood swings and 12% admitting that they drank more alcohol; 12% said they could no longer do their job properly.
Featured 5 common money-saving mistakes and how to avoid them
If you diligently dedicate a portion of your income towards an appropriate savings vehicle, over time this will act as your financial safety net. So why then do so many people struggle to save?
Why you need to adapt your attitude towards money as you age
As you move through life, you will encounter different phases and interests, and your perspective will change. Where you choose to spend your money will change as a result. We have a look at the impact on your finances.
How to pay your bills on time and save your credit score
The most crucial factor in ensuring a good credit score is meeting your monthly payments – in full, and on time. But how can you guarantee you don’t miss any payments?
What are your financial responsibilities in the funeral of your employee’s family?
When your in-home employee loses a loved one, your heart will go out to them, and you may feel compelled to contribute financially towards the costs of the funeral. However, this comes with a lot of uncertainty. How much should you contribute?
Book 3 nights and get the 4th one free at Sun City
Price: Available on request
When: Until 30 June 2021
Bakwena Spa Mother’s Day Special
Price: From R849
When: Until 09 May 2021
Where: Western Cape and Gauteng
Spur Monday Special