Some useful Financial Information

While no one likes to admit that they are struggling with debt, many of us have been there, or know someone who is going through it. At Debtco Group, our team have a world of knowledge when it comes to debt related issues, and how to overcome them. Having access to some useful financial information from professionals like us can make a big difference.

Many clients with debt problems feel that, because credit led to their issues with money, surely it should be avoided altogether. While it is not smart to buy food or affordable every items on credit, you can acquire a loan for a home or vehicle to help you improve your credit score as you demonstrate consistency in repaying your monthly instalment. Avoid using your credit card for day-to-day needs, because you’re actually paying so much more for basics than you should, when you factor in the interest rate linked to your credit card spending.

Another example of credit that works for you and not against you is a Student Loan. These typically have lower interest rates than personal loans, and if you’re diligent and committed, you are on track and qualified to follow your dream career path. By investing in your education, you have more possibilities to earn a decent income, which is why the debt incurred is worth it. Once you pay back your studies, you can work towards a financially stable future. In South Africa, where good jobs are scarce, having studies behind you is an incredible advantage.

At Debtco Group, we work with clients who cannot manage their debts, by proving a highly effectual Debt Review service. Advice that many of our clients have come to value is the importance of a budget. A proper monthly budget outlines all your debt expenses, everything you need to pay for, and what you’re left with for spending. A budget holds you accountable and helps you to get through a month, especially when times are tough.

Being able to purchase a home or apartment is a big deal, even though the idea of a mortgage, transfer fees and monthly rates can be daunting. When you rent, you’re essentially helping someone else to pay off their home. When you buy, you’re paying off your own home, which will always be a valuable asset and sound investment. At Debtco Group, we advise clients to buy a home if it is within their means to do so. For clients who are working to clear their debt and better their credit score, we offer a Debt Counselling service to get them where they need to be.

The best thing you can do is to always be honest with yourself when it comes to your financial situation. Think carefully before spending, and think even more carefully when it comes to spending on credit. If you are facing insurmountable debts and need help finding balance and financial restoration, contact Debtco Group today.