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Debt is like a disease

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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

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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