Menu
End rape and brutal killings of women

End rape and brutal killings of wom…

Gauteng has experienced s...

Its Wooo Haaa! at Berea Park

Its Wooo Haaa! at Berea Park

By: Ntombekhaya Zibi Mast...

City wins legal battle against Yeoville church

City wins legal battle against Yeov…

Residents of North Hills ...

Mayor welcomes new JMPD recruits

Mayor welcomes new JMPD recruits

One hundred and seventeen...

Chaos at IDP meeting

Chaos at IDP meeting

A meeting called to look ...

Residents take a walk towards a healthier lifestyle

Residents take a walk towards a hea…

  The City’s Department ...

Our administration’s vision is to grow the economy of Joburg - MMC Ngobeni

Our administration’s vision is to g…

  City of Johannesburg M...

With good training you can go from zero to hero in business

With good training you can go from …

  Do you want to run you...

Hollywoodbets Hillbrow donates to PC Allstars Football Club

Hollywoodbets Hillbrow donates to P…

In line with the Hollywoo...

Mayor warns motorists

Mayor warns motorists

 Johannesburg Metro Polic...

Prev Next
FacebookTwitterLinkedIn

Battling with debt? Guide to managing your debt

  • Written by 

If you find yourself relying on debt and not your income to survive every month, it is a sign that you need to evaluate your finances to get financial stability.

 Eunice Sibiya, Head of Consumer Education at FNB says “it may seem hard at the beginning to make changes to your daily routines, but looking at the end goal is encouraging. Therefore, you should carefully re-evaluate your budget and prioritise paying off debt as quickly as possible.”

For consumers who are battling with debt, Sibiya recommends the following measures:

Change the behavior that caused debt problems

 The first step of getting out of debt is looking at what got you into debt. Acknowledge the challenge and evaluate your spending pattern as well as your lifestyle. Once you have done this, cut down on unnecessary expenses and channel the money towards paying debt.

  List all your debts

 List all the creditors you owe, the amount owed and the interest of each debt. Then prioritise your debt either by interest rate or the balance of each debt. In addition, decide how much you can afford to pay a month for each debt. Be realistic about what you can afford and stick to your budget in order to avoid defaulting on any payment.

 “Consider paying a lump sum to one of your debts while still servicing other debts. Once you have paid off one account, channel the money into servicing the other debts so that you can pay it off as quickly as possible,” says Sibiya.

 Set periodic goals 

 Now that you have listed all your debts and have a plan on how you will be paying them off, set a time frame and work towards achieving your goal within the set time.

 “This will require commitment and discipline from start to finish. The desired goal will be rewarding at the end of the hurdle,” says Sibiya.

 Track your progress

 Track your progress every three months. This will allow you to relook your payment plans to see if it is working or not. If the progress is positive, you will be encouraged and driven to look at the long term benefit of being disciplined and committed to a debt free life. 

 “During this challenging journey, avoid taking more debt until you have paid of all your dues. Discipline and commitment will lead you to financial independence,” concludes Sibiya.

back to top

The inner-city Gazette is a Unique Community Newspaper .Most Newspapers are owned by millionaires and reflects the outlook of the rich and powerful.

149 Pritchard Street ,Cnr Pritchard and End Street Jhb, 0110248210, 0866098601,011 402 1977 / 011 023 7588