Do you have credit life insurance to cover you?

If one can take anything away from 2020, it is to expect the unexpected. Many South Africans experienced severe financial stress due to retrenchment or in worse cases, due to unexpected fatalities caused by Covid-19. Considering this economic and humanitarian disaster caught many off guard, the need for Credit Life insurance is becoming more and more apparent. The national lockdown caused many individuals to turn to their own Credit Life insurance providers to support them through these tough times. Do you have credit life insurance to support you?

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How to start a budget

Access to credit is relatively easy. Your bank is quick to provide you with a credit card pretty much as soon as you leave school. It’s no wonder so many South Africans get used to buying things they want on credit. That’s often where the debt spiral begins.

If you are struggling with your finances the first thing you need to do is to draw up a budget. Only once you know exactly where your money goes each month can you make changes to your spending behavior. These may be small changes to start but will add up in the long term. The basic principle  of a budget is to make sure you have more money coming in each month than going out.

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Is Debt Review a Good Idea?

If you are struggling with paying off your debts, you may be considering debt review and may hear differing opinions on the advantages and disadvantages of debt review. Let's look at the comment opinions.

Debt review is not a way to avoid paying your debt but rather a way of managing to pay off what you owe. If you are over indebted, debt review can be a good thing in the long run.

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Debt Management – What are my options?

The more money you owe, the less likely you will be able to repay your debt. The only good debt is money that you borrow in order to make more money, like an investment. Make sure your finances are organised, know who you owe money, decide which debt to pay off and put together a monthly budget.

There are various options available when you find yourself feeling overwhelmed by debt. Make sure you choose the right one for you.

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How saving can keep you debt free

In an over-indebted country such as South Africa, learning how to save effectively can be just the secret weapon you need to stay out of debt. Yes; it is challenging having to choose between saving for an emergency and paying off debt, but it is important that you do both.

When you have high-interest consumer debt, paying it off first can help you solve ongoing problems with managing and saving your money. To many South Africans, a debt-free life seems like a dream, not a reality. But, it can be done with just the right level of commitment and discipline.  

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Should You Take A Personal Loan When Under Debt Review?

National Credit Act (NCA)

Simply put; you need to avoid loans at all costs when you are under debt review. Taking a personal loan when you are under debt review can cost you everything you’ve worked very hard for.

When the National Credit Act (NCA) introduced debt review in 2007; many South Africans have since been assisted and prevented from being blacklisted, having their assets repossessed, or living with a heavy burden of debt.

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How do you choose the best funeral cover in South Africa?

Some of the best funeral cover options in South Africa are:

  • Assupol funeral cover
  • Avbob funeral cover
  • Capitec funeral cover
  • Clientele funeral cover
  • FNB funeral cover
  • Hollard funeral cover
  • Meerkat funeral cover
  • Metropolitam funeral cover
  • Old Mutual funeral cover
  • Outsurance funeral cover
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Financial Wellbeing in the year of Covid.

The festive season is almost here, and it’s been one challenging year.  No one could have predicted what 2020 had in store for us. The Covid-19 Pandemic changed the world overnight.

Not only were we impacted emotionally but our financial wellbeing was deeply affected.  We saw retrenchments and unemployment. People were on reduced pay and there was a general uncertainty of what was to come.

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2020 - forever remembered as the year of the pandemic.

Lessons learnt from our strategist Sandisiwe Yengeni

As the year draws to a close (thank goodness), I have found myself reflecting on what 2020 has done to my financial plans. I came into the year with big goals of saving, especially towards retirement, travelling, and making sure I build up that safety net for rainy days. I was doing quite well, then the pandemic hit, and my well-laid plans went out the window.

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If I miss a debt review payment what will happen?

As hard as it may be during challenging times, do not miss a debt review payment.   Debt review is a legal process, and your payment plan has been accepted by all your creditors. A court order has also been granted.

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