Although the South African economy is showing signs of recovery, many consumers are still caught in a debt trap and do not know their way out.
Managing executive at Absa Retail, Kim Royds, outlined some simple steps a consumer can take to manage his or her finances.
l Do not ignore your debt. Take action as soon as you start noticing that you do not have enough money to pay your debt.
l Limit your spending to essential expenditure and do not create new debt.
l Be disciplined and do not avoid paying expenses such as your house. Rather sacrifice on luxuries.
l Monitor all your expenses by drawing up a monthly budget with a detailed outline of your income and expenses.
l Allocate funds for all your financial commitments and follow through, paying on time.
lCall your credit lender to find out how they can help ease your financial burden.
Simple tips to beat debt trap
Although the South African economy is showing signs of recovery, many consumers are still caught in a debt trap and do not know their way out.
Managing executive at Absa Retail, Kim Royds, outlined some simple steps a consumer can take to manage his or her finances.
l Do not ignore your debt. Take action as soon as you start noticing that you do not have enough money to pay your debt.
l Limit your spending to essential expenditure and do not create new debt.
l Be disciplined and do not avoid paying expenses such as your house. Rather sacrifice on luxuries.
l Monitor all your expenses by drawing up a monthly budget with a detailed outline of your income and expenses.
l Allocate funds for all your financial commitments and follow through, paying on time.
lCall your credit lender to find out how they can help ease your financial burden.