The Debt Pool; Drowning in Debt

It's a pity that some of the things we do we learn them from our parents who also learnt it from their parents, it's a generational cycle we need to break.

One of the generational cycles I found myself drowning in was the one of debt!, Debt one of the biggest problems that most young people find themselves tight up in and the only way to get out is by borrowing from one lender to pay the next. This is the fastest growing problem as 1 in 3 millennials find themselves with debt before the age of 30.

Before I was born my grandmother was a stay at home mom, she moved to the city to go find work when my grandfather was retrenced. She became a domestic worker and 10 years later she found herself drowning in debt, borrowing from one lender to pay the next lender. She would console herself by saying "Batho kao fela ba na le dikoloto" (everybody has debt). She passed down this mentally to my mom who passed it down to me.

At 18 I was already owing a clothing store roughly R2500. When I turned 20 I had a debt of R40 000 from a tertiary institution (I hadn't even graduated) my family didn't worry much about my debt after all "everybody has debt" here I was a 20 year old whose depressed and anxious about how I'm going to pay back the money whiles also trying to financially prepare for my future. My credit score will never be the same again and maybe I won't be able to purchase that house instantly because of my credit score.
I think it's a pity that most african families don't take this credit score thing seriously or maybe it's the lack of information regarding finances and how to take care of one's self financially. The pressure of trying to keep up with your peers, black tax and getting that degree even though financially you not ready is making a lot of young people drown in debt.

The best way to get out of debt is not by borrowing from one lender to pay the other lender but it's about making financial arrangements with your lenders on how you going to pay back what you owe them (here's an example below)

I owe a clothing store and a tertiary institution
- clothing store R2 500
- institution R40 000

The plan was to pay the store R500 every month for the next 6 months (the extra month is for incase I miss a payment). The institution, to pay R1 200 for the next 24 months. It sounds crazy and impossible but slowly but surely the debt will be finished.
Get financial help, get financial assistance, get debt counseling especially if you feel like you drowning in debt.
National Debt Counselor: 0877279728
national Debt counsellors.co.za


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