People in South Africa are addicted to high-interest, short-term loans. In other words, small loans with expensive interest rates that have to be repaid in a short period of time.
Many have said that South Africa may be on the brink of a recession. This means that anyone who still has debts to settle are incredibly vulnerable to the adverse effects of the weak economic environment.
Experts across South Africa insist that it’s high time for people to start watching their finances like a hawk and dramatically cutting back on spending. Most of all, we all need to stop taking out loans immediately!
South Africa is at risk of collapsing into a recession due to slow economic growth and, if mass job cuts are implemented, as some predict may happen, our country will almost certainly enter a full-blown recession.
On the other hand, if everyone were to focus on taking care of their own financial wellbeing, the economy would pick up and everyone’s situations would improve.
All of us in South Africa need to dedicate ourselves to saving money for emergencies. We need to be self-disciplined enough to avoid taking out any more loans and responsible enough to keep paying off our debts on time every month.
Simply put, no-one can afford to live beyond their means in South Africa right now. Taking out short-term, high-interest unsecured loans will only put more pressure on your cash flow.
Loans weaken your financial wellbeing. You need to keep your finances in peak condition, in order to survive the negative impacts of the hostile economic environment in South Africa. Too many people are living above their means, by taking out loans that they cannot afford to repay.
How is your financial wellbeing? Whether you are financially exposed, unstable or distressed, NDA can help you improve your financial situation. Get in touch now!