Team Talk
Business Networking Ads
Till DEBT do us part?
No matter how in love a couple are, when it comes to managing money together, relations can all too
easily become hostile.
Here are some troubling statistics according to researchers about the effects your finances can have on
your relationship:
• Couples who lock horns over finances at least once a week are 30 percent more likely to get divorced.
• Shockingly, nearly one-half of all people have lied to their significant other about money
The deception isn't usually malicious. Often it's prompted by guilt and embarrassment about spending.
Compounding the problem is that financial behavior is very deeply set, and can't be altered easily.
Having an open and honest discussion with your spouse about the household spending and then drawing
up a combined, realistic budget and STICKING to it can go a long way towards turning around your
financial woes.
But what if you have already passed the point of no return? What if your monthly credit obligations are
truly more than you can afford? Are you cutting back on leisure activities or perhaps borrowing from Peter
to pay Paul? Falling behind on certain accounts? Sleepless nights? Afraid to answer the phone if you don’t
know the number?
Once you’ve reached this point it may be time to get professional help, before it’s really too late.
According to Johan Smith, principal Debt Counsellor at First Urban Debt Advisors: ”The number one
mistake people make is to wait and hope for the best or try to duck and dive their creditors. By the time
they knock on our door, it’s sometimes almost too late to help and so much damage is done that could
have been avoided.”
But what does he mean by this? Here are some things you should know, but probably don’t:
• When a creditor hands you over to an attorney, the initial legal costs could easily be around R3500
which goes on top of your outstanding balance. This does not include the penalty interest rates levied
or the 10% collection commission the attorney charges for every payment received. If you defend the
matter and lose, the R3500 can easily skyrocket to between R12000 and R15000. This is just for smaller
debts under R100 000 brought before a Magistrate. High Court cases cost much much more where
advocates can easily charge R20,000 per day in court.
Continue……
Jeremiah 30:17
23 outcast,
“For I will restore you to health And I will heal you of your wounds,' declares the LORD, 'Because they have called you an
saying: "It is Zion; no one cares for her."