One of the biggest problems facing our country today is inadequate financial education in schools, which has resulted in widespread financial illiteracy. This leaves thousands of South Africans vulnerable to falling into overwhelming debt and staying there. However, it is never too late to learn, and we’re here to teach you all the ins and outs of efficient and effective money management.
Here are 5 things we can teach you that you should have learned at school…
1. Financial Rights
Knowing your financial rights is absolutely essential to avoiding exploitation and protecting your money. However, there are so many South Africans who are unaware of what legal protections they are granted, making them vulnerable to manipulation and intimidation by crooked creditors.
When you sign up for our financial rescue or credit monitoring services, we will answer any questions you may have and make sure to educate you about your rights. Plus, if you enter debt review, we will become the point of contact for your creditors, so that they will be legally prohibited from harassing you.
2. Effective Budgeting
Budgeting is one of the key skills needed to build a stable financial foundation, and it’s way harder than it seems. You may be taught the basic principles at school (you just need to spend less than what you earn, right?), but it’s the implementation that is the real challenge.
Our team of financial analysts will work with you to draft a budget that is realistic and affordable, and we will be with you every step of the way to ensure that you are managing to stick to it. You can also check out our blog post on how to escape bad budgeting habits and set yourself up for success.
3. Loan Agreement Regulations
This is a big one. The 2005 National Credit Act is a massive document that lays out the laws and policies to which all creditors must adhere, yet these regulations remain unknown to thousands of South Africans. This makes it easy for crooked creditors to intimidate and abuse clients with ridiculously high-interest rates, unaffordable monthly payments, and threats to both your person and property.
If you sign up for debt review with us, not only will our financial advisors inform you about what your creditors can and cannot do, but they will also become the point of contact for all your creditors. This means that your creditors will have to answer for any illegal activity AND you will be legally protected from harassment.
4. Negotiation Tactics
Negotiating is hard, especially when you’re not equipped with a comprehensive knowledge of your rights and national credit regulations. Furthermore, negotiation tactics are not part of the conventional school curriculum, which can leave you significantly underprepared for the difficult conversations that you need to have.
The Debtline team is made up of expert financial negotiators that will not only negotiate on your behalf but will also be able to educate you on what you need to know to make sure that you’re not getting the raw end of the deal.
5. Financial Resources
Knowing what financial resources are available to you, both in terms of information and services, is arguably the best way to improve your financial literacy and protect yourself and your money. In fact, if schools were to provide learners with a list of these resources, scholars would be able to educate themselves about most of the topics on this list. We believe that debt review is one of the most important and valuable services available to South Africans, and yet so many of our citizens either don’t even know that it exists, or they lack a proper understanding of how it works.
Our team is ready and waiting to explain each and every detail of debt review, and the other vital information and services that are available to you.
There is a heart-breaking number of people sitting in debt and desperate financial situations with no idea of how they are going to get their finances and future back on track. That’s why we are so passionate about spreading knowledge about financial management and informing you of the lifelines that are out there.
This Youth Day, we encourage you to ask questions, seek advice and, most importantly, share your knowledge so that we can create a society of well-informed individuals that will be able to stand their ground against harassment and financial exploitation.
And, like always, we are here to offer support, answer your questions, and get you the financial freedom that you deserve.