IOL Personal Finance -​ 1st Quarter 2022

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STARING DEBT IN THE FACE

According to the Debtbuster’s Debt Index for the fourth quarter 2021, more and more South Africans are turning to debt to cover their ever-increasing daily expenses, and as a result are getting into deeper and deeper financial trouble. Blame the coronavirus and the struggling economy, but also blame our irrational regard of debt as instant cash, with a total disregard for the consequences.

Well, you can use debt to finance your spending only up to a point. In the end, it will catch up with you, and the retribution is savage. High finance costs, debt collection costs, legal costs, not to mention the impairment of your credit record.

If you have reached that point, or if you want to turn the situation around before you reach it, there are a number of options open to you. You need to carefully weigh each one before deciding on a course of action. Our article on page 8 spells out what your options are and the pros and cons of each.

How cryptocurrencies perform in the future, and the role they will assume in our lives, depends to a large extent on how governments will deal with them. They may be decentralised, but don’t be fooled: nothing is beyond a government’s control. If cryptocurrencies are increasingly used for nefarious purposes, such as money laundering, no government, no matter how progressive, is going to remain quietly on the sidelines. Read Anna Rich’s well-researched article (page 14).

Among the diverse array of good financial reads in this edition are Gareth Stokes’s assessment of the blow to our insurance sector inflicted by last year’s catastrophic riots in KwaZulu-Natal and Gauteng (page 27); a profile of Ryan McCaughey, the FPI’s new Financial Planner of the Year; and an entertaining summary of a presentation on long-term investing at last year’s Allan Gray Investment Summit by investment guru Morgan Housel (page 38)

https://bit.ly/IOL_PF_1stQrt2022

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