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Before the global financial downturn, living on credit was the norm globally. But there has been a worldwide wake-up call and individuals are increasingly realising that living in debt hampers wealth creation and the improvement of living standards. The good news is that with the right guidance and strategy, paying off debt and living debt-free is very achievable. Here are six simple steps to achieve short-term debt relief. |
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Debt is overwhelming - it can take away your self-confidence and cause huge amounts of emotional and physical distress. Unfortunately the current financial crisis is causing many South Africans to feel very lost in this debt wilderness. But there is help available - and the sooner you tackle your debt and deal with it, the sooner you can start living a debt-free life. |
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– from Capitec Bank Plenty of South Africans come with debt baggage. Before the National Credit Act (NCA) came into effect in 2007, consumers enjoyed uninhibited spending sprees using money they didn’t have and accumulated large amounts of debt. Two years on, control has been tightened, but consumers are still spending irresponsibly and find it hard to stay out of debt. While it may be less exciting to save a portion of your income compared to blowing it on an expensive pair of designer jeans – or even worse putting them on a storecard – the reality is, in time you’ll have more debt and less to show for it. |
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How much debt is too much? It depends. That's not the answer you wanted, perhaps, but it's the only sensible one: It depends on how easily you can repay the money and what you borrowed it for in the first place. Whatever you make and whatever you owe, you probably have a pretty good idea of whether you're heading for trouble. |
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One of the major banks in S.A. placed a client under debt review in error. John and Mary Doe*, who live in Cape Town, found out to their astonishment, through a routine check of their bank accounts that they were listed as being under debt review. |
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