'I Was R95 0000 In Debt Here's How I Paid It Off in Three Years'

Capetonian Marnita Oppermann may be an accountant, but that didn’t help her with her personal finances, which spiralled out of control. Here’s how she got her money back on track – and how you can, too

- 

‘I was 23 when I got my first taste for easy money,’ says Oppermann. ‘It was 2004, and I was working part-time as a nanny while finishing my business degree in London. I was earning £600 (about R10 500) a month, which didn’t get me far. The friends I met were going out and travelling all the time, and seemed to have no problem affording it all. I’d never had a credit card before but all my friends had one and told me how easy it was. So I went to a bank and was offered a credit card on the spot. “That’s it?” I thought. All I had to do was fill out a form. That’s how it all began.

‘No more FOMO! I used the card for travel, entertainment, clothing. After three months, I’d maxed it out – so I applied for another one, and then another one. I know what you’re thinking – silly – but all my friends were doing it. We’d max out one, then pay the minimum payment with another one.

‘In 2013, I decided to move back to South Africa. I had five credit cards and £3 000 (about R52 000) of debt. My aunt (with whom I was living in London) helped me pay off my debt before I moved back home. You’d think this would have taught me a lesson – but far from it. Back in Cape Town, I was employed as an accountant at a top firm, but the salary was never enough. I thought that earning more would prevent me from ending up in the same situation. But the more I earned, the more I spent.

‘After a few years, I’d bought a new car, had R3 400 in storecard debt and an overdraft of R10 000, and maxed out my credit card at R33 000. You’re probably thinking, “An accountant is supposed to be good with numbers.” I’m not good with numbers: I’m