Get out of debt swamp!

MORE than 10 million people in Mzansi struggle with debt, more so our women.

Debt Rescue’s internal statistics show that more than 51% of indebted people are women and most of the debt was caused by personal loans (94%), credit cards (84%) and store cards (76%).

In the spirit of Women’s Month, SunMoney wants to share advice from Lianne Lutz of Women’s Wealth, a financial consultancy helping women build up wealth.

“These figures are even sadder when you consider that men-headed households have a higher average income (R165 853) than their women counterparts (R98 911), according to the Living Conditions Survey 2014/2015,” said Lutz.

So, what do you need to do to build wealth?

Develop an awareness of your money

“We all have senses and attitudes about money which impact on how we let it circulate in our lives.

“Our ideas about money are often a result of experiences we had growing up.

“If you had poor experiences about money as a child then you must become aware of your attitudes as an adult. Ask yourself: was money freely available? Was money used to control others? Was the talk of money a sensitive topic?”

You need financial goals

“Even short-term savings for a wedding or holiday lead to medium-term investments which help you put away money for years towards a house or a car.

“After that, you’re investing in shares, stock markets, retirement annuity and education policies for 10 or more years.”

Eliminate debt

“Focus on paying off your debt. No matter how long it takes. Be disciplined by knowing that less debt is how you journey to savings,” Lutz advised.

– Always pay off your debts.

– An access bond can consolidate debt as a home loan often has lower interest rates than what’s offered on car financing and personal loans.

– Pay off debt with the most interest first.

Teach yourself the right attitude

“You create wealth by focusing on what you have not what you don’t have.

“Money should be a by-product of what you do so your work should be done to the best of your ability. This attitude can do more for your success than a degree or diploma,” she said.

Don’t starve all fun from your life

Smart spending is working around your social activities so they don’t waste money, such as picnics in parks, social groups or visits to museums.

Like Love Haha Wow Sad Angry

Thank you!

We look forward to the opportunity to get you debt-free!

Did you know?

You can start your application process already. Simply download your assessment or fill in our online application and get one step closer to becoming debt-free with Debt Rescue!

Subscribe to Our Weekly Email

By completing this form, you are providing Debt Rescue with the above personal information and acknowledge the terms of Debt Rescue’s Privacy Notice.