Money Smart
Your Family|April 2019

Tips And Tricks To Save You A Bundle!

Caitlin Geng
Money Smart

BE MORE CREDIT-SAVVY

Many South Africans are suffering financially as a result of poor credit use. Garnet Jensen, senior director for TransUnion, offers information on the current state of South Africans’ credit and how to improve your financial wellbeing.

MORE PEOPLE ARE STRUGGLING TO PAY THEIR BILLS. According to Garnet, TransUnion’s quarterly Consumer Credit Index (CCI) declined significantly in the second quarter, showing that the number of accounts at least three months in arrears rose from around 906 000 to 919 000 between the second quarter of 2017 and the second quarter of 2018.

CREDIT REMAINS IN HIGH DEMAND. According to the National Credit Regulator’s (NCR) Consumer Credit Market Report, the total value of new credit granted increased from R121.62 billion to R131.65 billion for the quarter ending June 2018, an increase of 8.25% from the previous quarter. The number of applications for credit increased from 10.49 million to 11.10 million in June 2018, and more than half were rejected.

PEOPLE AREN’T CHECKING THEIR CREDIT REPORTS. According to the NCR’s Credit Bureau Monitor, the number of credit reports issued to consumers decreased from 196 920 in the previous quarter to 174 378. The accuracy of the information contained in your credit report is critical for the long-term health of your credit record. TransUnion advises consumers to check their credit reports before applying for loans, and to educate themselves on the following aspects that could affect their credit records:

ACCOUNT PAYMENT HISTORY: Think about how you manage your accounts and whether or not you pay the entire instalment amount on time every month.

TOO MUCH DEBT: Make sure you know how much you owe, how much of your available credit you’re using and how much it’s costing each month to pay off your debt.

This story is from the April 2019 edition of Your Family.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the April 2019 edition of Your Family.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM YOUR FAMILYView All
Beat The Disease To Please
Your Family

Beat The Disease To Please

Is saying ‘yes’ is a habit that’s leaving your own needs constantly overlooked, as you put everyone else’s needs before yours? How can you break the cycle of people- pleasing and put yourself first?

time-read
5 mins  |
June 2020
Quaran-Teens Help Them Manage Their Mental Health
Your Family

Quaran-Teens Help Them Manage Their Mental Health

Teens climbing the walls during covid-19? Restlessness isn’t the only thing to be concerned about, writes daniella renzon, community service clinical psychologist

time-read
5 mins  |
June 2020
Know Your Headache Migraine, Tension Or Cluster?
Your Family

Know Your Headache Migraine, Tension Or Cluster?

It’s common for people to refer to any splitting headache as a migraine, but this might not always be the case

time-read
5 mins  |
June 2020
Going Through A Friendship Crisis?
Your Family

Going Through A Friendship Crisis?

Is your waning social life affecting your marriage?

time-read
5 mins  |
June 2020
Life Post-Lockdown
Your Family

Life Post-Lockdown

Pandemic panic, brain fog and ocd… as you get back to life un-usual, psychologist marise swart shares some advice on some common issues that may affect your mental health

time-read
5 mins  |
June 2020
How To... Make Gluten-Free Flours
Your Family

How To... Make Gluten-Free Flours

Prepare these gluten-free flours to replace cake flour or self-raising flour in your favourite recipes!

time-read
2 mins  |
June 2020
Cosmetic Treatments: Everything You Need To Know
Your Family

Cosmetic Treatments: Everything You Need To Know

Considering a cosmetic procedure, but aren’t sure what to expect? Cape town based general and aesthetic practitioner dr jan nel offers his valuable insights

time-read
7 mins  |
June 2020
LOVING LOCAL
Your Family

LOVING LOCAL

LOCAL FASHION BRANDS ARE HELPING US BECOME MORE CONSCIOUS SHOPPERS IN THIS EVER-CHANGING WORLD, WITH THEIR BEAUTIFULLY CRAFTED ECO-FRIENDLY WARDROBE PIECES

time-read
5 mins  |
June 2020
Listen Up
Your Family

Listen Up

EVER NOTICE HOW YOUR CHILD’S BIONIC EARS PICK UP EVERY WORD OF YOUR PRIVATE CONVERSATIONS, YET COMPLETELY TUNE OUT WHEN YOU REALLY NEED THEM TO LISTEN? OUR EXPERTS OFFER SOME CONSTRUCTIVE ADVICE ON HOW TO MAKE YOURSELF HEARD

time-read
4 mins  |
June 2020
Blood couldn't make us any closer'
Your Family

Blood couldn't make us any closer'

THE TITLE OF ‘DAD’ DOESN’T ONLY BELONG TO SOMEONE YOU SHARE DNA WITH. THESE MEN HAVE FILLED THE FATHER FIGURE ROLE AND RAISED THEIR CHILDREN AS THEIR OWN

time-read
8 mins  |
June 2020