{"id":6570,"date":"2015-06-10T13:24:15","date_gmt":"2015-06-10T12:24:15","guid":{"rendered":"https:\/\/buzzsouthafrica.com\/?p=6570"},"modified":"2020-05-21T18:03:55","modified_gmt":"2020-05-21T17:03:55","slug":"south-africans-are-the-worlds-biggest-borrowers-see-tips-to-escape-debt","status":"publish","type":"post","link":"https:\/\/buzzsouthafrica.com\/south-africans-are-the-worlds-biggest-borrowers-see-tips-to-escape-debt\/","title":{"rendered":"South Africans Are The World&#8217;s Biggest Borrowers: See Tips To Escape Debt"},"content":{"rendered":"<p style=\"text-align: justify;\">Perhaps you&#8217;ve read or heard somewhere that South Africans are the world&#8217;s biggest borrowers. Another unpleasant news huh? Well, regardless of our distaste of being a bringer of sad news, we&#8217;ll, as necessity demands acquaint you with detailed albeit a brief tale of how South Africans earned the undesirable &#8216;crown&#8217; as the world&#8217;s biggest borrowers.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.moneyweb.co.za\/news\/economy\/south-africans-are-the-worlds-biggest-borrowers-report\/\">A report<\/a> tagged &#8216;Global Findex database&#8217; issued by the world bank stated that only 12% out of the 70% South Africans that own accounts with financial institutions borrowed from them. 71.2% of South Africans borrowed from relatives and friends whereas 18.4% borrowed from informal private lenders. As the report emphasizes that some of these borrowers borrowed from more than one category of lenders, it crowned South Africans as the world&#8217;s biggest borrowers when it revealed that 86% of the South African population borrowed money.<\/p>\n<p style=\"text-align: justify;\">Certainly, the figure is outrageous and alarming. It virtually said, &#8220;All South Africans Are In-debt&#8221;. Peradventure, you are among these 86% borrowers; we hence, implore you to yield to the desire of escaping the claws of being in debt as we explore the top 5 major tips of clawing out of debt. Prior to that, the following are ways to identify the <a href=\"http:\/\/www.fin24.com\/Debt\/Managing-Debt\/Signs-that-you-may-be-over-indebted-20150526\">critical stage<\/a> of being in debt.<\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">You&#8217;re always troubled when you remember the money you owe;<\/li>\n<li style=\"text-align: justify;\">You always carry over some of your payments to the next month;<\/li>\n<li style=\"text-align: justify;\">You borrow to pay what you borrowed;<\/li>\n<li style=\"text-align: justify;\">You owe more than you own and;<\/li>\n<li style=\"text-align: justify;\">\u00a0Skip certain payments in order to make other payments.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Based on the foregoing, here are the <a href=\"https:\/\/www.capitecbank.co.za\/money-management\/article\/228\">5 major tips<\/a> that will help you get out of debts.<\/p>\n<h2 style=\"text-align: justify;\"><strong>Top 5 Tips On How To Escape From\u00a0Being In-Debt<\/strong><\/h2>\n<h3 style=\"text-align: justify;\"><strong>STEP 1:\u00a0Start With The Most Expensive Debts<\/strong><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step-1.jpg\"><img decoding=\"async\" class=\"alignnone size-full wp-image-6571\" src=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step-1.jpg\" alt=\"step 1\" width=\"938\" height=\"596\" srcset=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step-1.jpg 938w, https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step-1-300x191.jpg 300w\" sizes=\"(max-width: 938px) 100vw, 938px\" \/><\/a>Expensive debts refer\u00a0to such with the highest interest rate. It is as well logical that such debts oftentimes involve a larger amount of money. As such, debtors tend to shy away from such debts as paying them usually imply being left with no money. Well, you may dislike this but settling the more expensive debts first enables one to stand a better position of escaping debts.<\/p>\n<p style=\"text-align: justify;\"><strong>See Also: <a href=\"https:\/\/buzzsouthafrica.com\/8-most-efficient-ways-to-recognize-true-south-african-drug-addicts\/\">8 Most Efficient Ways To Recognize South African Drug Addicts<\/a><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><strong>STEP <\/strong>2:<strong> Plan A Budget And Stick To It<\/strong><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step-2.jpg\"><img decoding=\"async\" class=\"alignnone size-full wp-image-6572\" src=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step-2.jpg\" alt=\"Step 2\" width=\"938\" height=\"563\" srcset=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step-2.jpg 938w, https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step-2-300x180.jpg 300w\" sizes=\"(max-width: 938px) 100vw, 938px\" \/><\/a>Most South Africans cannot account for how they spent their income. To them, their earnings are quite decent but they usually find themselves desperately in need of cash before the next income arrives. And as such, they eventually patronize a lender only to realize that they are more in debt than they were the previous time they checked their debt status. Discipline is the solution to this money problem. Draft a budget and stick to it.<\/p>\n<h3 style=\"text-align: justify;\"><strong>STEP 3: Don&#8217;t Ever Buy What You Can&#8217;t Afford<\/strong><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step3.jpg\"><img decoding=\"async\" class=\"alignnone wp-image-6574 size-full\" src=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step3.jpg\" alt=\"\" width=\"938\" height=\"469\" srcset=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step3.jpg 938w, https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step3-300x150.jpg 300w, https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Step3-700x350.jpg 700w\" sizes=\"(max-width: 938px) 100vw, 938px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The adage &#8216;cut your coat according to your cloth&#8217; explains step 3 better. You&#8217;re simply crucifying yourself on the cross of debt when you buy what you cannot afford. Mind you, afford as used does not only imply you do not have the money for paying. It equally infers\u00a0that you should avoid buying such things that will require you to let go of a larger amount of the money you own.<\/p>\n<h3 style=\"text-align: justify;\"><strong>STEP 4: Map-Out A Payment Schedule With Those You Owe<\/strong><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step-4.jpg\"><img decoding=\"async\" class=\"alignnone wp-image-6573\" src=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step-4.jpg\" alt=\"step 4\" width=\"938\" height=\"563\" srcset=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step-4.jpg 717w, https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step-4-300x180.jpg 300w\" sizes=\"(max-width: 938px) 100vw, 938px\" \/><\/a>Always remember that you can report any of your creditors that threatens and harasses you to the law. The point here is; you do not have to hide from them or allow them to intimidate you. Instead, contact them for a dialogue and work-out with them a comfortable schedule on how you&#8217;ll pay them.<\/p>\n<h3 style=\"text-align: justify;\"><strong>STEP 5: Dualize\u00a0Your Source Of Income<\/strong><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step5.jpg\"><img decoding=\"async\" class=\"alignnone size-full wp-image-6578\" src=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step5.jpg\" alt=\"step5\" width=\"938\" height=\"500\" srcset=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step5.jpg 938w, https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/step5-300x160.jpg 300w\" sizes=\"(max-width: 938px) 100vw, 938px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The idea is to avoid having only a single way of earning income. There are many ways to achieve this. You can work on another job, start-up a business or just engage in any legal activity that will ensure more inflow of income. The probability of your spending increasing as you experience an additional inflow of income is high. So, you have to strictly observe &#8216;STEP 2&#8217; when you achieve\u00a0&#8216;STEP 5&#8217;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Perhaps you&#8217;ve read or heard somewhere that South Africans are the world&#8217;s biggest borrowers. Another unpleasant news huh? Well, regardless of our distaste of being a bringer of sad news, we&#8217;ll, as necessity demands acquaint you with detailed albeit a brief tale of how South Africans earned the undesirable &#8216;crown&#8217; as the world&#8217;s biggest borrowers. [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":6579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","footnotes":""},"categories":[438],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Africans Are The World&#039;s Biggest Borrowers: Tips To Escape Debt<\/title>\n<meta name=\"description\" content=\"Perhaps you&#039;ve read or heard somewhere that South Africans are the world&#039;s biggest borrowers. Another unpleasant news huh? 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Well, here are the 5 major tips that will help you get out of debts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/buzzsouthafrica.com\/south-africans-are-the-worlds-biggest-borrowers-see-tips-to-escape-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"BuzzSouthAfrica.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BuzzSouthAfrica\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-10T12:24:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-21T17:03:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Delete-Debt-icon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"938\" \/>\n\t<meta property=\"og:image:height\" content=\"597\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nedu Raymond\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@buzzsouthafrica\" \/>\n<meta name=\"twitter:site\" content=\"@buzzsouthafrica\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nedu Raymond\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/buzzsouthafrica.com\/south-africans-are-the-worlds-biggest-borrowers-see-tips-to-escape-debt\/\",\"url\":\"https:\/\/buzzsouthafrica.com\/south-africans-are-the-worlds-biggest-borrowers-see-tips-to-escape-debt\/\",\"name\":\"South Africans Are The World's Biggest Borrowers: Tips To Escape Debt\",\"isPartOf\":{\"@id\":\"https:\/\/buzzsouthafrica.com\/#website\"},\"datePublished\":\"2015-06-10T12:24:15+00:00\",\"dateModified\":\"2020-05-21T17:03:55+00:00\",\"author\":{\"@id\":\"https:\/\/buzzsouthafrica.com\/#\/schema\/person\/583be5374716cd7ec08e48931993ec8d\"},\"description\":\"Perhaps you've read or heard somewhere that South Africans are the world's biggest borrowers. 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