Follow six ordinary South Africans as they take up the Absa/City Press Money Makeover Challenge and undergo a money makeover boot camp over the next six months.
strong theme that emerged in Money Makeover this year was the extent to which applicants have accumulated debt in a short period of time.. As households struggled to make ends meet, they turned to credit to meet the shortfall. This is a very short-term solution that results in greater financial pressure once those debts need to be repaid.“I used debt to try to fix my situation. My mom passed away just after I started working and I had to support my sisters. I thought I could fix it with time.
Debt consolidation is when the bank issues a single loan to settle all your loans and you only need to make one repayment. This could reduce the interest rate and admin fees on the different loans. By cutting expenses, which includes renting a less expensive home, Mlibokazi will have R5 000 available to start targeting debt repayments.
He could not achieve his goal of being debt-free by retirement unless he took the drastic step of debt review. Working with debt counsellor David O’Brien of Meerkat, Johan’s monthly debt obligations have reduced by 45%. His debts will be fully paid within 61 months and Johan will be free of debt by June 2028.
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