Debtfree Magazine issue 9 of 2021-for download
SA's Free Magazine all about Debt, Debt Counselling & Debt Review. New, Tips, Reviews, Advice and more. This month we look at some of the nasty little lies you tell yourself about your debts. We also catch up on what happened at the Annual Debt Review Awards 2021
SA's Free Magazine all about Debt, Debt Counselling & Debt Review. New, Tips, Reviews, Advice and more. This month we look at some of the nasty little lies you tell yourself about your debts.
We also catch up on what happened at the Annual Debt Review Awards 2021
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THE BIG LITTLE LIES WE TELL OURSELVES ABOUT DEBT
SOME DEBT IS GOOD
People will tell you that you need some debt to get a
good credit score. So, go out and take on debt so that
you can get more debt later, when you really need it.
It is true that credit scores do take into account your debt and
repayment history. If you don’t have debt, then it is hard for a credit
provider to know if you will pay them back or not. But every time you
apply for credit, whether you get the credit or not, is not dependent
on your credit score. It depends on whether you can afford it or not.
The credit provider has to do an assessment when you apply. Do you
earn enough and have enough left over after paying for your monthly
running costs to pay them back? That is what is important.
Even if you have lots of credit and pay it all back reliably, if you cannot
actually afford to repay some new form of credit, you will not get that
credit, it is illegal.
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