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Personal finance news and tips

 

How long for credit record to clear after debt review?

I just finished my debt review and was issued a clearance certificate. How long does it take for the credit bureau to clear everything for me to have a positive credit check?

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How not to fall for Ponzi scams

There are no shortcuts to getting rich quick and anyone who says otherwise is almost certainly out to cheat you, according to Marius Alberts, regional leader of Deloitte Western Cape.

“Pyramid and Ponzi schemes do not create true wealth. Don’t be the next victim,” he said.

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Watch interest and costs on a debt in default

Reckless lending is just one cause of over-indebtedness. Overcharging of interest by the lender and collection costs can also push you into a state of over-indebtedness.

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FSB wants to know if your policy was churned

The Financial Services Board (FSB) is taking action to prevent you from becoming a victim of incentive-driven churning of life and investment policies, asking life assurers to report the payment of so-called sign-on bonuses to financial advisers and investigating policy switches made through these advisers.

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The Secret To Making Financial Resolutions You’ll Actually Keep

For 2014, a record number of consumers — 54% — are considering making a financial New Year’s resolution, according to a study by Fidelity Investments. One reason could be that 26% of survey participants say they are in a stronger financial situation than they were a year ago, compared to 19% last year.

If you also plan to make a financial resolution, you may have learned from past New Years that it’s much easier to make a resolution than to achieve one. The same study found that about three in ten people fall off the bandwagon.

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Get out of debt for good

Living with debt? Never fear, here’s our easy-peasy guide to help you get out of the red and start saving. So read this before you next close your eyes and hope for the best as the cashier swipes your credit card for that pair of heels you simply have to have…

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How I got myself out of debt

I started living on credit as soon as I got my first job, but I was paying my accounts on time and always had enough to live off as well. Things changed when I became unemployed, which happened twice: once for 3 months after I moved to London, and then again when I came back to South Africa. I eventually found a job, but it was a struggle to catch up on payments, and from 2009 to the middle of 2011 things got out of control. After paying my bills each month, I had little to nothing left, which was a strain as I was the only breadwinner in the family.

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Become a first time home buyer

Do your homework and decide if this is the right time to enter into the property market. Prepare yourself by doing a credit check and applying for a pre-qualified home loan. From here you will know what your monthly instalments will be and you can base your monthly budget according to these numbers…

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I earn little – how can I start saving?

Saving on a small income is possible. By following a few rules you should find that a small amount is available to be put aside at the end of every month.

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