Managing debt today to improve your financial wellbeing.

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Most people in South Africa and the world have some sort of debt. According to analysts, the household debt-to-income ratio in South Africa is expected to reach 75% by the end of 2022. This means that for every R100 a South African has, R75 rands goes towards paying off debt. With the ever-increasing cost of living, paying off debt can put consumers under immense pressure and in need of proper debt management strategies to enable a culture of saving. Think about it, if 75% of income goes to serving debt, how can consumers realistically set goals towards savings and attaining their financial freedom?

Proper debt management leads to financial security in the future – something all of us hope to achieve. In fact, much of our financial success depends on our ability to manage debt. The more we know about debt, the better we can effectively manage our finances and work towards our financial goals.
25 Jul 2022 4AM English South Africa Business News · Investing

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