Nine Years Later I Have Good Debt
by Soccer Laduma
Nov 09, 2018 10:03 AM
Capitec together with Soccer Laduma found a way to reward and celebrate everyday South Africans, no matter what bank they do their banking with. Every month a winning letter gets published in an edition of Soccer Laduma, however, we have decided to also share the stories of others who have sent in their inspiring letters.
Lee-Anne Bouqallaba from Cape Town went to live in Morocco where she pointed out that she learned that living simply is key in protecting your money. When she returned home, she had a number of debts waiting on her, however, she set a two-year goal to get a job and repay all that she owed. Today, she has better financial control.
“During 2008 and 2009 I lived in Morocco. I must say that is where I learned that simplicity is key in our lives. It is where I learned the true meaning of "cash is king".
“I returned to Cape Town in 2009 and I had debt. Store accounts, loan, credit card debt. It was overwhelming. I was also six months pregnant. So I set a two-year goal. First to get working once my son was four months old. Once I started working I started phoning my creditors and making arrangements even though I could not afford the full instalment, I paid something.
“I worked on the highest interest debt like credit card and loan and put the most on that. On a lot of smaller debts, I got to negotiate and I got a 50 per cent reduction on my balance which was great! Nine years later I have good debt and in much better financial control. We need to talk about our finances and ask for advice. It's all about knowledge and knowing the difference between good and bad debt.”
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