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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...
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...
Many people in South Africa try to solve their debt problems with more debt. It is a common misconception that if you cannot afford to pay off a loan, the solution is to take out another loan to cover it. This, however, will lead you to an even worse off financial situation, as the more...
As the year starts coming to a close, it is a good time to reflect on the current state of your finances, as well as the financial decisions you have made this year. Setting some time aside to sit down and give yourself a financial check in will benefit you by helping you decipher if...
Arriving at the festive season is both gratifying and daunting. On the one hand all the glare and glitter around the festivities are really exciting. But on the other there is that dreary feeling that all these things comes at a price, one that might just be out of reach.
When it comes to personal finances and budgeting most South Africans are in the dark. Do you always wonder were your salary went? With spring fast approaching it’s time to spring clean your finances and get a fresh start.
July signalled the start of the 2015 tax season, which for many, will result in tax rebates. Before you rush out and spend your extra cash on unnecessary items, you should consider settling some of your debt, thereby saving more money in the long run and preparing you for tougher economic times ahead. Paying off your debt as quickly as possible should be your highest priority while you are under debt counselling or using other debt solutions. Prioritise your debt repayments, improve your credit score and set yourself up for a future free of debt stress. Using tax rebates is one form of alleviating and overcoming your debt quicker!
A financial plan is your map to achieving your financial goals. These could include education for your children, building a house, starting a business or, securing an asset. The risk of not having a financial plan is that you will most likely never achieve your financial goals. Many people think that if you are under debt counselling, you don’t need a financial plan. This could not be further from the truth. If you have chosen debt counselling as a debt management solution, you most definitely need a financial plan to build a brighter future for yourself. Without a financial plan, you may find yourself back in debt because you neglected to plan for future risks. The risk of not having a financial plan as part of your debt solution can be costly.
Many people in South Africa are still unaware of what the law says regarding ‘old’ or ‘prescribed’ debt and end up paying off the debt, even though they are no longer liable for it. At DebtBusters, we want to make sure that you stay well informed and that you know your rights when it comes to managing your ‘old’ or ‘prescribed’ debt. Prescribed debt can be your debt solution!
You have a debt solution in place which is taking care of your immediate financial problems - that's great! Thinking about growing your wealth may still be a distant thought. It is important that you build a financial plan in addition to your debt solution to put you on the road to financial freedom.
For many South African consumers, receiving their 13th cheque every December not only gives them a sense of joy and happiness, but also a sense of relief, as it is a lifeline that their financial survival depends on.