We all need money to survive. We use it to buy things that we need and want, but so many people use money recklessly. So when our income isn't enough, we turn to loans as a means to compensate.
Head of FNB’s Consumer Education Program Eunice Sibiya addresses the issue of loaning by talking about the different types of loans, and ensuring that you chose the right one for you.
Sibiya says that having discussions around money is a very sensitive issue and people tend to shy away from it. She adds that one of the key topics that make people uncomfortable is around borrowing money.
Borrowing money plays a significant role in the daily lives of millions of South Africans says Sibiya. She adds that in many cases, people don't have a choice but to borrow money.
Sibiya says that as the cost of living increases, so South Africans need to make a plan to ensure that they don’t find themselves drowning in debt.
People are borrowing money for food - we spoke about the stats last week and 23% of people actually borrow money for food.— Eunice Sibiya, head of FNB’s consumer education program
Sibiya says that it’s painful and scary when people use their credit cards for groceries and don’t have a plan to transfer money from their account to compensate for the costs.
We have a combined consumer debt of nearly R1.7 trillion.— Eunice Sibiya, head of FNB’s consumer education program
It’s not surprising that so many people are blacklisted today.— Eunice Sibiya, head of FNB’s consumer education program
Click on the link below to hear about the different types of loans for you…
This article first appeared on 702 : Here's what you need to know before you take out a loan