Is your debt a problem? Do you worry about whether you can meet your obligations? Melissa America provides tips on how to deal with your debt head on.
8 August 2016
In South Africa Women’s day marks the day when women took to the streets in their numbers and marched to the Union Building to protest against carrying of a pass book. As we celebrate this historic date let us not get carried away, forgetting to stick to our budgets and overspending.
Damon Sivitilli, Head of Marketing at DebtBusters warns “South Africans are not to forget the history behind the public holiday and use it as a time to over spend and enter into compromising financial situations.” He reminds the nation that this is a day to honour and celebrate the strength of the women who united to bring change.
In South Africa, there are over 21 million credit active consumers, of which nearly half have impaired credit record (meaning they have missed 3 or more monthly debt repayments or currently have an adverse listing, judgement or administration order). “Financial times are getting tough as the cost of living is getting higher by the day, do the wise thing of spending quality time and not money this Women’s day” adds Sivitilli.
Sivitilli shares some money saving tips for women:
- Take control of your debt– do not ignore any communication from your credit providers if you are in arrears with your account(s). Be firm and take control by renegotiating the repayment terms or seeking professional help through debt counselling.
- Get the best bank account to suit your needs– avoid a bank account that has banking fees that will leave you in a worse off financial position. Consider a bank account that has the minimal banking fees and avoid entering into overdrafts as the interests tend to be high. DebtBusters has partnered with Bidvest Bank to offer a bank account that saves you banking costs.
- Have financial independence– manage your own funds by having a monthly budget and sticking to it. It takes financial discipline to follow a budget and avoid letting your partner do everything relating to finances. Having financial independence also means knowing your credit score and monitoring it. DebtBusters has partnered with Kudough, South Africa’s leading credit report aggregator and credit monitoring provider to help you improve, manage and protect you credit status.
- Invest for the future– as a women consider having an investment plan in place that will give you an income when you retire or in the event that you are unable to work. Insurance Busters has a wide range of products from Pension funds, Retirement annuities, Endowments and even Unit Trusts. Take control of the future now and invest, Insurance Busters is there to help.