Cape Town – Amendments to the National Credit Act making it illegal to collect prescribed debt has contributed to the big drop in civil summonses and judgments for debt, James O’Haughey, CFO of Intelligent Debt Management Group, told Fin24 in a studio interview.
29 August 2016
As people continue to struggle for cash and are looking for ways to save money; they have become generally open to the idea of changing bank accounts, not only because people are looking for better ways to save and a convenient way of banking but mainly to save on bank charges, which is one of the most ignored household month-to-month expense.
Why have a cheaper bank account?
The major advantage of having a cheaper bank account is that you are offered almost the same services on a cheaper account as you get on a very expensive bank account. Most people who have expensive bank account do not use or even understand the full value of their bank account bundle and often don’t need most of the services they are offered. It is more important to have money saved in your bank account than to have a fancy bank card and account which costs you more. For more options on ways to save people should shop around, even when it comes to looking for bank accounts in the market. People need to draw comparisons on all the banks and then choose the one which offers the best and most useful services at the cheapest rate.
Ways to save
Looking for ways to save money should not only be seen as a necessity for those with low income, but everyone should have this mind-set and make it part of their lifestyle in order to prosper financially and adopt good behaviour. Debtbusters, the leading debt management company in South Africa, is working in partnershp with Bidvest Bank in order to provide consumers a low cost bank account, which helps in saving a lot of money, which can be directed to debt repayments. Bidvest Bank Account™ offers a minimum bank fee of R18 per month and a capped fee of R82 per month*. This is an initiative Debtbusters has taken in order to help all credit active consumers continuously find better ways to save.
*All fees associated with the Bidvest Bank Account™ are available at any branch or on www.bidvestbank.co.za. In terms of legislation, proof of residence and positive identification are required to open a Bidvest Bank Account™. Bidvest Bank Account™ is a registered trade mark of Bidvest Bank Limited (Reg. No 2000/006478/06) is a licensed financial services and registered credit provider, NCRCP17. BlastBC 129050