Think about tomorrow

South Africans’ confidence in the country and its economy has taken a knock, leaving them reluctant to save or invest long term. Over the past few years, the country has also seen low GDP growth and adding to that, a high level of unemployment. It becomes clear that this is not an ideal investment environment. With the upcoming elections in mind this week, many are even more hesitant to invest and plan long term.

A recent study has shown that with these tough economic and financial conditions, many South Africans are pulling out of their retirement, going into debt and having trouble servicing these obligations. People should however avoid the temptation to cashing in their retirement funds and going into debt when facing financial hardship. Doing this could have short and long-term consequences and negatively impact their ability to comfortably continue and maintain a good credit score.

The amount of people that are exploring credit facilities and stepping into debt as a result of rising prices and tough economic conditions is without a doubt on the increase. Approximately 39% of credit consumers have at least one account overdue with 73% of all disposable income from households directed towards servicing their debt obligations.

Referring to the 2018 Old Mutual Savings & Investment Monitor, Hugh Hacking who is the GM of operations at Old Mutual Corporate said that 53% of South Africans have no formal retirement savings at all. The price increases of general food items accompanied by increases coming into effect as at beginning of April and ever-increasing fuel prices all contribute to pressures facing consumers. This in turn results in consumers turning towards activating additional credit facilities and loan applications. Despite the temporary relief it may bring along with it, it becomes extremely challenging for consumers to manage effectively.

Kudough Credit Solutions is a company that realises the pressures that consumers are faced with and in thinking of tomorrow, developed a program that can actively facilitate the betterment of one’s finances as a result of the above. We start this process by analysing the information we retrieve from your credit profile. Here from we assist the consumer by equipping them with the necessary tools that will effectively help them in managing their finances better. This process assists in avoiding missing their payments and receiving poor ratings from the credit bureaus as this will negatively impact their financial futures.

If we find that the consumer is over – indebted, we will step by step guide them in rectifying their state by reaching feasible agreements with concerned parties and creditors. Restructuring in some cases may also be required. We also open doors to saving opportunities through coupons and an array of partners that range from insurance companies, air travel and entertainment. Like we assess our voting options this week and ask ourselves who we want as leaders that will effectively manage our wards, provinces, and effectively our country, so should we analyse our finances and think about tomorrow. Whilst restructuring on a political scale may be required, restructuring in our pockets are often required to ensure a better tomorrow.

Contact us today and learn how to get started.

BACK TO SUB CATEGORY LIST