MyMoney Online, The Personal Finance series with Warren Ingram

Drowning in debt? How to break free (while paying lower monthly instalments)

The National Credit Act brought into life the process called debt counselling… As debt counsellors, we’re allowed to lower monthly payments… The Act provides a lot of protection…

Neil Roets, Debt Rescue

It’s a new year and time for a fresh financial start.

Citadel’s Daryl Coker recently wrote an article with the following seven money-saving tips to get your finances in shape:

  • Set goals.

  • Review your budget.

  • Pay back the money.

  • Price-check your short-term insurance.

  • Be smart when dealing with school fees.

  • Pay less tax.

  • Think about timing when buying a car.

Click here for more detail on each of these seven tips.

Ray White (in for Bruce Whitfield on The Money Show) interviewed Neil Roets, CEO at Debt Rescue.

White asked Roets to provide advice to those who are drowning in debt after the excesses of festive season spending, back-to-school costs, etc.

For more detail listen to the interview in the audio below (and/or scroll down for more quotes from it).

More than half of all credit consumers in South Africa are over-indebted… the situation doesn’t look good… We do not have a savings culture…

Neil Roets, Debt Rescue

South Africans are not really financially literate… Even people with degrees go into the workforce without any financial education whatsoever… They fall prey to credit providers…

Neil Roets, Debt Rescue

The banks still need to make money, and they make money by giving out loans… We’ve seen a massive increase in unsecured loans…

Neil Roets, Debt Rescue

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This article first appeared on 702 : Drowning in debt? How to break free (while paying lower monthly instalments)


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