Consumers have had a tough financial time in recent years. And even as the economy starts to turn the corner in terms of lower inflation and the beginning of lower interest rates, financial pressures still remain, with some households heavily indebted, even having to consider getting help to better deal with their situation.

To unpack how they’re currently viewing the South African consumer and how consumers can navigate some of the existing challenges, I’m joined by Calvin Ndlovu, Executive for Unsecured Recoveries at Nedbank.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.

You can sign up for the Webinar here https://go.limitlessexpo.com/join-a

Ken McElroy and Robert Kiyosaki discuss the misconceptions about debt and how it can be a powerful tool for building wealth. Learn the secrets of using other people’s money to buy assets, reduce tax liabilities, and achieve financial freedom.

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ABOUT KEN:
Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: “ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years.” Ken is a Rich Dad Advisor.

Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.

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#kenmcelroy #realestate #realestateinvesting #debt #financialfreedom #leveragingdebt #otherpeoplesmoney #OPM #gooddebt #baddebt #wealthbuilding #realestateinvesting #businessloans #bonusdepreciation #aircraftpurchase #taxstrategy #investmentstrategy #financialeducation #bankingsystem #richvspoormindset #financialliteracy #entrepreneurship #moneymanagement #debtstrategy #financialgrowth #assetacquisition #taxbenefits #leveragingassets

TBR Solutions on the Two-Pot System which is about to kick in soon. The question is “Will it be good for your financial well-being?” Watch and listen and critically think.

Debt Review Removal Misconceptions

Exiting debt review in South Africa can seem like a quick fix, but there’s a lot of misinformation out there. Here are some common misconceptions that could land you in hot water;

Myth #1: The Debt Review Removal Process is Easy.

Exiting debt review isn’t a simple process. It requires following specific legal procedures based on each client situation.

Myth #2: There are No Consequences.

Not complying with a debt review court order can lead to serious penalties under Section 160 of the National Credit Act (NCA).
161. Any person convicted of an offence in terms of this Act, is liable-
(a) in the case of a contravention of section 160( I), to a fine or to imprisonment
for a period not exceeding 10 years, or to both a fine and imprisonment; or
(b) in any other case, to a fine or to imprisonment for a period not exceeding 12
months, or to both a fine and imprisonment.
(Section 161 of the National Credit Act of 2005)

Myth #3: Thinking that you will still enjoy the protection and benefits of debt counselling.

Leaving debt review means losing legal safeguards and reverting to original credit terms. Be sure you’re financially ready before taking the leap because some creditors will take legal action.

Myth #4: Lawyers Do It All (My Attorney will deal with this)

Attorneys cannot directly remove your debt review listing. Debt counsellors handle the process with attorney assistance when needed for court appearances.
Myth #5: I Can Easily Afford Debt Review Removal

While exiting debt review offers freedom, it’s important to understand the financial implications. Contrary to popular belief, debt review removal often incurs hefty fees. Legal professionals like attorneys and some debt counsellors can charge anywhere between R1500 and R12000 for the application process itself.

Here at The National Debt Review Center, we offer a transparent approach with a fixed fee of R8550, payable conveniently over 2-3 months. However, this doesn’t cover everything. You’ll still need to factor in:

Your original Debt Repayments: Exiting debt review means resuming your original debt repayments, so ensure your financial situation can handle that responsibility.
Outstanding Debt Counselling Fees: There might be outstanding debt counselling fees from your previous debt review plan.
Therefore, we strongly advise that if you are considering debt review removal, do so only if your financial situation has truly improved and you’re no longer over-indebted.

Read the full article here https://ndrc.org.za/thinking-of-exiting-debt-review-or-debt-review-removal/

#southafrica #moneymanagement #financialfreedom #personalfinance #ndrc #debtcounselling #creditrepair #debtrelief #financialtips #debtfree

FOX Business anchor Taylor Riggs and economist Todd Buchholz discuss the increase in U.S. debt interest payments and the takeaways from the Fed’s meeting minutes on ‘Kudlow.’ #foxbusiness #kudlow

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Welcome to my YouTube Channel.
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Transcript

The Truth About The Economy Just Came Out (CC Debt).
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Here is a link to my Real Estate channel please subscribe: https://youtu.be/QgMPGfM4yx0
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Let’s connect:
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DISCLAIMER: EVENTHOUGH I TALK ABOUT CURRENCIES, CRYPTOCURRENCIES, TOKENS, PRECIOUS METALS, AND OTHER “MARKETS”. I WANT TO STATE THAT I AM NOT A FINANCIAL ADVISER. THESE VIDEOS ARE BASED UPON MY OPINION ONLY. YOU ARE RESPONSIBLE FOR YOUR OWN TRADING AND INVESTMENT ACTIVITIES
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.

“Budget process starts out idealistic and it ends up devolving into a turf war between members over over who can control what, and the whole system falls apart,” says Brian Riedl.

Watch the full episode of The Reason Interview with Nick Gillespie featuring Brian Riedl here: https://youtu.be/gYhBYN7DMBA

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The Do’s and The Don’ts About Debt Counselling