How South Africans can manage their debt

2016-08-11 06:45

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Recent quarterly reports by the National Credit Regulator (NCR) show that South Africans are burdened by personal debt.

Consumers who are over-indebted also tend to:

a)  underestimate the cost of missing a payment

b)  miss (default on) their payments

c)  accumulate interest on the debt when asking for a reduction in the monthly repayment

Experts warn that 2016 will continue to be extremely tough on consumers’ pockets, with rising food prices, a weakened Rand and rising interest rates.

South Africans need to look at ways they can reduce their debt or consolidate it as soon as possible. 

Debt is often seen as bad but, if used responsibly, it can open many doors and opportunities for customers – think about loans for education, home extensions/renovations, etc.  It is important for customers to understand their repayment obligations and be able to afford their loan repayments over the period of the loan.

Old Mutual Finance is committed to providing you with personal loans to suit your financial needs; can help you manage your debt responsibly and offer you flexibility to consolidate your current debt.

Loans with Old Mutual Finance are designed to get you out of debt as soon as you can. As a responsible and reputable lender, they promote and encourage you to pay off your loan over a shorter period of time. Old Mutual Finance uses the Affordability Assessment criteria as prescribed by the National Credit Act and they only offer loans which you can afford. Find out more about personal loans and financial services from Old Mutual Finance on their website.

Old Mutual Finance (RF) (Pty) Ltd is a Licensed Financial Services and Registered Credit Provider. NCR Reg No: NCRCP 35 | FSP Reg No: 25494

References: Investopedia, Debt Rescue, Moneyunder30, Old Mutual Finance

Read more on:    personal finance  |  loans  |  debt  |  old mutual

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