Better to step out of the debt closet

2015-06-19 11:51
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Cape Town - Many people struggle with debt, but few would admit that it was their own false perception of wealth that landed them in the debt trap.

Adding her voice to the Debt Issue, Fin24 user Joan writes: "Thank you for this news. We (hope to see) still more people coming forward to admit (to this). People hide and keep their debts as they used to hide their HIV status. I'm so scared to be a defaulter. I really try my best to pay and even in advance.

"I have a good credit record but at my age, I will be on retirement in five years. I've just bought myself a new car for which I started paying double the instalment.

"I'm so nervous about my future health and financial state, since life is so unpredictable."

Old, but paid for

Fin24 user Terrylin shares her insights on what consumers like her can do to avoid being over-indebted.

“Too many people assume that they will be held in high esteem if they live at the right address and drive one of the most expensive cars on the market.

"Why? Sure, if you can afford this, why not? But an unexpected loss of income will lead to serious health issues, including depression.

"Rather downsize and invest any cash if you can to tide you over in the event of this happening.

"My house and car, old as they are, are paid for. If you turn up your nose at these, I don’t care.

"All I can offer you is my healthy mental state, calm attitude and sparkling personality.”

*Add your voice by sharing your debt  experiences, debt-busting tips and insights. Have a question? Ask our experts.

Disclaimer: All letters and comments published in The Debt Issue have been independently written by members of the Fin24 community. The views are therefore their own. Fin24 cannot be held liable for any decisions made based on the advice given by Fin24 users and debt experts. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

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