South Africans from all walks of life are under severe financial pressure due to the economic shutdown to contain the spread of COVID-19.

Anxiety and worry are understandable emotions at this time, as we face an unknown future.  Having said this, it is also important to take control of the things we can manage, such as our immediate spending patterns.

 How to manage your credit

  • Only use credit facilities if absolutely necessary
  • Only use credit for necessities
  • Contact your credit provider or bank before using credit facilities. Ask them if any form of payment relief is offered.
  • Ask your credit provider/bank now for a reduction in the interest rate charged
  • Set an amount of credit to use and adhere to this limit – especially if it might be tempting to buy online entertainment, or do a bit of retail therapy, when confined indoors
  • Pay a little more than the minimum amount payable at the end of the month.
  • Ideally, you should only spend what you can pay off in full each month, within the interest-free period.

If you would like to find out more about using your credit to your advantage, chat to a LifeAssist financial coach.