Becoming debt-free can go a long way towards improving one’s quality of life. Having debt can be regarded as both positive and negative. For someone looking to buy their first home, establishing a good credit record can be useful. Once you start struggling to keep up with debt repayments however, that’s when the trouble starts. This can be regarded as a sign that you need to become debt free.
3 steps on how to become debt free:
No one can deny it; South Africa is experiencing such economic strife. The cost of living is fast becoming an ever growing burden with the price of food and petrol escalating frequently not to mention electricity and water which are a definite “Can’t go without” and the interest rates are always a frightening bewilderment. The current state of things in South Africa is leaving many with the desperate need to take out loans even though they may be under debt review. Should you find yourself in the position where you are seeking a loan whilst you are under debt review South Africa; you might want to consider other options first.
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Cyber Finance is a Cape-Town-based debt counselling firm that currently employs more than 60 individuals. If you qualify as over-indebted, Cyber Finance will propose a debt repayment to your credit providers.
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In the past it was often considered impossible to get access to a loan with a bad credit record. People often get bad credit records as a result of a range of factors.
They may be retrenched from work or be rendered unable to work due to disability. As life’s challenges come up, some people may struggle to keep up with repayments on their various debts.
This often leads to missed payments, which means that credit records are adversely affected. This makes it difficult to gain access to further credit.
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