Hot off the press: Magazine to help KZN civil servants manage their money

2011-11-08 00:00

LAUNCHING the KZN government’s Know Your Money publication for government employees, Finance MEC Ina Cronjé noted that debt counsellors have warned that they are seeing a new phase of reckless borrowing and lending.

The publication is intended to help government employees learn how to manage their personal finances.

“Last week’s Financial Mail reported that the latest trend is unsecured personal loans, which have the advantage that the bank cannot go after you if you default, by selling your house. The problem with these loans is that they come with a hefty interest rate of up to 31,2%. Added to that are administration fees and very often credit life insurance, which makes it even more expensive,” said Cronjé.

Mzwandile Gumede, manager employee wellness, in the premier’s office, urged employees to use the publication for guidance. Cronjé thanked the Financial Literacy Association and the sponsors, noting that the publication is also a platform for advertisers.

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