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How To Manage Your Credit
Managing your credit is a key factor of financial well-being, influencing everything from major purchases to the interest rates you receive. Read our essential tips and practical advice on how to effectively manage your credit.
- Determine if you can afford the Repayments and still pay your monthly costs.
- Lower total amount of debt.
- Shorten term of debt.
- Reduce interest and finance charges paid for the use of credit.
- Make sure there is room in your budget to accommodate the possibility of increased repayments.
- Use a registered credit provider so that you are protected by National Credit Act.
- Don’t over commit yourself. Only borrow as much as you need to and no more than that.
- Talk to your credit provider if you encounter problems meeting your repayments.
- Avoid borrowing from one creditor to pay another as this can lead to avicious cycle of kver-indebtedness
- Limit the total you spend to an amount that you can pay off in a lump sum if you have to.Protect your credit and your financial futureIf you suspect that you’ve been the victim of identity theft, take these steps immediately:
- Contact credit reporting agencies and lace a fraud alert on your credit reports. Order copies of your credit report.
- Immediately report lost or stolen credit and debit cards. Close bank and credit accounts that you think have been tampered with or opened fraudulently.
- File a police report in the community where the identity theft took place.
- Keep records of everything.
Want to know more?
Meet with one of our financial coach who will assist you towards identifying your goals and objectives.
Call us on 066 285 5206 to speak with us.
