Latest articles

Welcome to our blog! Here you’ll find helpful advice and useful tips to improve your financial situation.

Explore:

Categories

Category: Debt Management
← Back to all articles

Many people use the words credit and debt interchangeably, as though their meanings are the same. DebtBusters explains the terms to clear the confusion. What is credit? There are so many ways to define credit. It could be the amount that is available for you to borrow or it could be your ability to borrow....
Many people are trying their best to lead a debt-free life. Even though it has its perks, incurring debt can also be a good thing. You just need to differentiate between good debt and bad debt. In short, good debt helps you generate income and bad debt doesn’t. Below are examples of good and bad...
Spring is a great time to reflect on your finances. You might have taken more debt than you can repay or spent more than you can afford, but there are four steps you can take to bring renewed hope to your finances. Review your budget Our goals change now and then. So, this may be...
People move in and out of the country for different reasons. In many cases these people carry more than their luggage with them, they carry their debt, and some of them are under debt counselling. This is usually a cause for concern for these individuals as they don’t know how their migration will affect their...
Contrary to the stigma that consumers are indebted as a result of reckless spending or borrowing, most consumers who approach DebtBusters for assistance do so as a result of unforeseen circumstances. Many young people set huge expectations for themselves even before they’ve entered the ‘real world’. There is often a set idea of what success...
Being in a position where you are struggling with debt is already stressful. Now add the fear of losing an asset like your vehicle due to non-payment, and it is a recipe for financial disaster. But what if you have already enlisted the help of a debt solution such as debt counselling – do you...
Being over-indebted has a negative impact on your personal finances. It reduces your credit score, absorbs your disposable income, and prevents you from building your savings. Added to this, it also has an impact on your emotional well-being. Being over-indebted can contribute to a string of psychological issues, such as anxiety, loneliness, and depression. It...
Whether they are aware of it or not, some consumers face various emotional stages in the process of becoming over-indebted. While consumers may not experience all of these stages, which don’t always follow in chronological order, it is important to be aware of these stages in order to take action and avoid financial devastation further...
If you have been struggling to pay off a certain debt, the question of how long before the debt could be written off may have crossed your mind. According to experts, the answer lies in whether this is considered prescribed debt or not. There are also different time specifications for different loan types. Prescribed debt...
In recent years the number of informal lending schemes in South Africa has grown significantly as people continue to look for new ways to access more money. But is this a reliable and safe way to take out a loan? The term ‘informal lending’ is typically used to describe lending schemes or practices that are...
You notice most of your salary is going towards your debt repayments each month, you cannot afford to put money towards a savings account, you purchase your groceries with your credit card, and your credit applications are being rejected. These are all signs you’re carrying too much debt. But how much is too much? A...
You may be familiar with the term “debt counselling”, but perhaps you have questions around the process and specifically how long it takes to complete. While the general time frame is 60 months or between 3 to 5 years, it is dependent on how much debt you have and how much you can afford to...