Debt is like a disease - you can't treat it if you don't admit you have it, says Fin24 userNhlakaniphoA.She writes:
In 2012 I had a debt crisis - I had three loans from three different institutions, and still I needed more loans to survive. I was told I'm over-committed. Those words broke my heart...
Banks were refusing to give me loans. I went as far as buying cellphones on accounts, then selling them for lesser prices. That was the downfall, as it only meant more accounts, installments and loans.
Eventually I realised and admitted that I had a debt problem and that's when things started to look up for me. I created my own rules: no using accounts, I use transport provided by my workplace and no airtime purchases.
It actually worked for me and I believe it was a good decision for me to go that route.
It's been two years and I know now about interest rates, how to pay off a loan and how to maintain a good credit record.
- Fin24
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