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For Fin24 user Tlotlo the wake-up call came when his grandmother died and he couldn’t get his hands on R2 000. He writes:
I WAS also caught in the web of denial and out of ignorance, I spent more than I earned and didn't save.
I WAS also caught in the web of denial and out of ignorance, I spent more than I earned and didn't save.
I defaulted payment on my car which was written off in 2010 whilst the car wasn’t even insured.
Later, I managed to buy a house and another car, paid them and ignored the other debts: clothing accounts, 2 credit cards, 2 personal loans and my overdraft facilities were overwhelming. I also took a loan from a home owner (R65 000) to pay the 10% deposit for the house.
The wake-up call came when my grandmother died and since it was not yet month-end, I tried in vain to get a mere R2 000 loan.
That was May 2012.
Since then I’ve changed my attitude and started closing all the small accounts. When I got a new job with a better package, my focus turned solely on debt.
Today I only pay my house, one credit card, groceries, medical aid, much needed life covers and a retirement annuity and still t have 40% to save.
My credit record has been good to date and in November it will be clean. I have learnt to be disciplined, patient and count every cent.
Tlotlo
- Fin24
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- Fin24
Add your voice on the Debt Issue:
*Ask our experts
*Share a personal story
*Write a guest post
