Debtfree Issue 202402 - DB
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WILL DEBT REVIEW WORK FOR YOU?<br />
YOUR DEBT KEEPS<br />
GROWING<br />
Have you found that you are always in debt?<br />
Each month you pay your credit card, you make the minimum<br />
repayment into your overdraft and pay towards all your instalments<br />
on your loans or assets. You pay, pay and pay some more. Month after<br />
month and yet, you still seem to be in debt.<br />
Whenever you think you are making progress, something else comes<br />
along (your sister needs a loan desperately to cover school fees) and<br />
messes things up. And so all the progress you made is gone and you<br />
are back trapped paying off debt.<br />
Even if no disasters come along it feels like the interest portion on your<br />
debt is eating up your payments. It feels that way because it’s often true.<br />
Example: People who have a bond will over time probably<br />
pay around 3 times the purchase price of the house to the<br />
bank. So, if the house was R1mil you will pay the bank R3mil<br />
over the years because of interest.<br />
Sadly, for most of us we are good at paying our debt each month but<br />
once you are in debt you can be trapped there.
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