Debt Management - what is it and how do I manage it?

Financial Literacy is the cornerstone of your building on your financial health. In this video series we outline the definition of debt, how to manage your debt as well as maintaining a good credit record.

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Managing debt and maintaining your credit rating

In this video series we discuss what is involved in debt management. What is good debt vs bad debt? The series also highlights what credit management is and the best ways in which to manage it.

Debt is monies that you owe and in most times is through credit arrangements that individuals have found themselves in. Credit refers to the ability of an individual to obtain goods or services before payment, based on a credit agreement that payment will be made in the future through part payments. Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest. Once one has these credit facilities approved, the amounts owed are one’s debt. There is good debt and bad debt depending on how an individual has accessed their credit facility and why. Once you have been granted credit, it is highly critical that you manage your debt positively There are consequences for not managing debt and making regular payments. Skipping of a payment, or paying less than the minimum installment, is regarded as negative credit behaviour.

Noble B-BBEE Advisory has partnered with Sasfin to bring Financial Literacy education direct to you where ever you would like to access it. All video content is in line with GN 500 regulations gazette by Financial Sector Transformation Council.

Noble B-BBEE Advisory has worked with Sasfin Holdings and Sasfin Asset Managers from 2018 to date as the facilitators of Consumer Financial Education across four programmes. Noble is a black owned and black female managed business who have passion for true and reflective transformation in the South African communities.

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About the Author
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Terri Katz

Marketing and CSR Manager, Sasfin

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