debt

Get ahead of holiday debt with a financial detox

With just over a month to go before year-end holidays, many South Africans are feeling the pressure to plan their festive finances. After all, the holidays can bring joy, but they can also bring debt. According to Wonga’s Annual Summer Spending Survey, holiday spending in South Africa was set to reach a staggering R224 billion […]

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Credit card dependency soars as South Africans struggle to survive

South Africans have faced a challenging year dealing with sluggish economic growth, limited consumer spending power and unprecedented hikes in fuel prices that disrupt daily life, putting extra pressure on individuals’ finances. This is according to Sebastien Alexanderson, head of National Debt Advisors, who says that as the cost of living continues to rise and

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Doomed… A festive season, without a financial plan

While South Africa’s annual inflation rate fell to 4.4% in August 2024, its lowest since April 2021, the cost of living remains a major financial concern for many. Despite the slight drop in inflation, many South Africans are still struggling with cashflow issues, making it difficult to focus on saving opportunities that could improve their

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Options to consider if you’re feeling financial pressure

Despite some positive signs, particularly a prolonged period without loadshedding, many South Africans still feel the cumulative effects of high interest rates, inflation and an underperforming economy. The repo rate has been steady for over a year ,but increased from 3.5% in 2021 to 8.25%, where it remains for the moment. The repo rate is

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Take control of your debt and protect your credit record

Middle-class South Africans face a crisis of soaring living costs for essentials such as groceries, fuel, medicine, education, transport and electricity, while the unrelenting high interest rates mean home and vehicle loans are drastically more expensive to service. Since November 2021, homeowners with a R2-million bond have been slammed with increases of more than R6

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Financial literacy leads to healthier, happier households

Over the past few decades, the role of women has evolved significantly. More women are entering the workforce and often becoming the primary breadwinners. In addition to managing family and caregiving duties, many women also shoulder the financial responsibilities necessary to support themselves, their families and their households. In a world where financial independence equates

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5 misleading debt review myths set straight

In a world where misinformation spreads like wildfire, it’s essential to separate fact from fiction, especially when it comes to financial solutions. Debt review, or debt counselling, is a lifeline for many South Africans struggling with debt. However, numerous myths surround this process, creating confusion and discouraging people from seeking the help they need. Here

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Men’s mental health, financial wellness and the burdens of debt and stress

Money is often a major source of stress – and for many men, financial worries can be particularly burdensome. According to Experian, men hold 20% more personal loan debt than women, alongside 16.3% more auto loan debt and 9.7% more mortgage debt. Rynhardt de Lange, director and head of Legal at MiLaw Legal, emphasises that

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Debt review: ‘Rather pass’, or ‘perfect fit’?

“There are conflicting opinions surrounding debt review, also known as debt counselling,” says Wikus Olivier, managing director at CreditSmart Financial Services. “And I want to make it clear: Debt review isn’t for everyone. But, while some may give debt review the immediate thumbs-down due to not fully understanding the ins and outs of the process,

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How to find a reputable debt counselling company

Stubbornly high interest and inflation rates and a stuttering economy are making it harder for South Africans to make ends meet – and money trouble is a significant cause of stress. The 2023 DebtBusters Money Stress Tracker survey found that three out of four South Africans feel money stress, with particularly women admitting to the effects of

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