Money worries

money worriesIt always takes me by surprise when I find out just how long people manage to live with their money worries before seeking help. It’s almost as though they’re hoping their financial issues will be resolved automatically.

A financial advisor, or in more serious cases, a debt counsellor, should be able to help. After all, this is what they are trained to do. Naturally, as with any other service, there will be a cost involved. However, potential clients often balk at the cost, and choose to muddle on by themselves. Usually to their own detriment. Continue reading

Is all debt bad?

Is all debt bad? To answer that question, we need to consider two concepts:

  • What is the cost of debt?
  • What is the reward to be gained as a result of that debt?

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If you are prepared to enter into debt to purchase a pair of shoes valued at R10 000, the reward will be that you are the envy of many of your friends. Is this reward worth R10 000, plus interest on the debt? Continue reading

Surviving Divorce By Planning for Financial Success

Going through a divorce can have devastating effects on your emotions, your children and your life in general. When a couple decides to separate, they are often unprepared for both the emotional and financial outcomes which follow.

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If you are currently going through the process of separating from a partner, the months ahead will be filled with many changes and challenges. The following might aid in coping with your process: Continue reading

Reckless Lending Continues Despite Laws Banning the Practice

The term ‘Reckless Lending’ refers to a loan issued to a consumer without the credit provider assessing whether the individual is able to repay the loan.northwood-key-in-front-door-keyhole

South African law states that a credit provider should conduct a detailed financial assessment of their potential consumer/s prior to entering into a credit agreement. If the preceding dealings between the consumer and credit provider are not handled in accordance to the laws set out by the National Credit Act 34 of 2005, the client could fall victim of Reckless Lending.

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Spending habits – how we learn them and how they can be changed

spending-habitsHave you ever opened your credit card statement and wanted to kick yourself over all the money you spent?

Maybe you’ve sat down and counted all the unnecessary items you bought this year and wish you could have saved that money for a holiday or put it away for a rainy day – or maybe you just can’t figure out why you’re not able to save enough each month…

Chances are, like millions of people around the world, your spending habits are the cause. Continue reading

Debt Management

debt-managementDespite a year of mixed blessings as far as the economy is concerned, South African consumers show little sign of slowing down their spending. While retailers are expecting a subdued festive spending season compared to previous years, recent figures indicate that South Africans have not modified their spending habits much over the course of the year, which saw the Rand fall amid labour unrest and an increase in inflation all-round. Continue reading