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Financial education initiative to help manage your finances.
While Halloween may not be as popular in South Africa as in other parts of the world; there is a new monster, called ‘Skoloto’ (debt), keeping consumers awake at night. Many people these days are tormented by skoloto. But it’s a nightmare that can be overcome, said John Manyike, Old Mutual Head of Financial Education. “Even on a low income it’s possible to control debt or to get out of debt,” he says.
“Managing your debt is all about taking control of your spending behaviour by changing your mindset. That doesn’t mean it’s easy, of course, but it does mean that if you are determined to overpower this nightmare, you can. Commit to making whatever lifestyle changes are necessary. Start living within your means, if you have to use credit, use it responsibly and draw up a budget and most of all stick to it.”
If your debt problem is severe and you are being threatened with demand letters, you need to obtain a full report that shows all your debt. This can be extracted from any of the major credit bureaus like TransUnion, Compuscan and Experian for free once a year and will give you a clear indication of how much you owe.
Manyike offers these eight tips to help you defeat your debt:
For more information on how to become financially healthy, like our Facebook page: On the Money Financial Education or follow us on Twitter: @om_onthemoney.