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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...
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...
Borrowing money can assist you with a difficult, unforeseen emergency, but once you start relying on it for your daily survival, you’re creating a cycle that becomes increasingly harder to escape.  How does the debt cycle work? The debt cycle can begin when you take out a loan during an emergency – for instance, a...
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...
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...
Everyone would love to start their marriage on a clean slate. But we all have burdens from our past, and sometimes these burdens are financial. So what does it mean for your future if your new spouse is overindebted? Will you be liable for their debt? Depending on the type of marriage contract you and...
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...
Debt can very easily spiral out of control; it’s easy to take out, but can be significantly harder to pay off. When the debt hits the fan, many people tend to stick their heads in the sand by ignoring it. Feeling overwhelmed by debt can be scary, but you will not do yourself any favours...
Do you want to get your finances in order this year but don’t know where to start? We suggest you pull a credit report to determine exactly where you currently stand, it is a lot easier than you think! What is all the fuss with this credit score business? Well to put it simply, your credit...
This week many of South Africa’s excited shoppers prepare themselves for Black Friday where they will enjoy some of the year’s best bargains and sales offered by many retailers. With Black Friday comes both temptation and responsibility. It is important that consumers do proper research and preparation beforehand so that they are less likely to...