{"id":398,"date":"2015-07-20T08:30:19","date_gmt":"2015-07-20T06:30:19","guid":{"rendered":"http:\/\/www.markweston.co.za\/?p=398"},"modified":"2017-09-21T12:35:06","modified_gmt":"2017-09-21T10:35:06","slug":"payment-pitfalls-and-debt-downfalls-part-1","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/payment-pitfalls-and-debt-downfalls-part-1\/","title":{"rendered":"PAYMENT PITFALLS AND DEBT DOWNFALLS – PART 1"},"content":{"rendered":"

No one ever plans to fall into a spiral of debt, but sometimes challenges arise that cause the debt to build up around you before you have even realised how bad it is. This puts you in a debilitating position that can be difficult to emerge from. So, here are some points to consider to prevent you from being put in that position in the first place:<\/p>\n

Lack of financial management
<\/strong>If you aren\u2019t working with a budget then there is no way to keep track of what is essential and non-essential spending. You might know at the time, but when it comes to cutting costs you can\u2019t clearly see where there are areas to tighten. If you are just spending until your cash is low and then using your credit card until the next payday, then things are going to look pretty grim after a year.<\/p>\n

Signing surety
<\/strong>You should think twice before signing surety for a friend\u2019s business loan or a cousin\u2019s home loan. As much as you want to help, many people find themselves up to their ears in debt when their friend\u2019s business goes under or their cousin loses their job. Don\u2019t sign surety for an amount that you couldn\u2019t afford to lose.<\/p>\n

Sudden expenses
<\/strong>Have you got a contingency plan for sudden retrenchment? It is difficult to plan for periods of unemployment, but you will be glad that you did. A sudden loss of income can be the start of a bad debt situation. Medical expenses can also form a huge pile of bills, especially if you don\u2019t have medical cover. If you\u2019re not prepared to use state hospitals, you need to at least have some sort of hospital cover. Paying for private medical care out of your own pocket could create the kind of debt which haunts you for a long time.<\/p>\n

Worrying about social status
<\/strong>We are constantly bombarded with advertisements that try to instill a subconscious correlation between happiness, social acceptance and the product that is being marketed to us. Buying items on credit to show off and convince yourself that you are normal and socially accepted is a fast way to debt. Don\u2019t fall for branding hype.<\/p>\n

A big part of not falling into debt is being able to manage your budget and differentiate between your wants and your needs. For example\u2026 you need<\/em> to get to work, you want<\/em> to get there in a Ferrari.<\/p>\n

Need some financial advice? I can help you out. Let\u2019s get in touch!<\/p>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

No one ever plans to fall into a spiral of debt, but sometimes challenges arise that cause the debt to build up around you before you have even realised how bad it is. This puts you in a debilitating position that can be difficult to emerge from. So, here are some points to consider to prevent you from being put in that position in the first place:Lack of financial management If you aren\u2019t working with a […]<\/p>\n","protected":false},"author":1,"featured_media":399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,21,14],"tags":[],"class_list":["post-398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-debt","category-tips"],"yoast_head":"\nPAYMENT PITFALLS AND DEBT DOWNFALLS - PART 1 - Contatto North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/contattolive.co.za\/north\/payment-pitfalls-and-debt-downfalls-part-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PAYMENT PITFALLS AND DEBT DOWNFALLS - PART 1 - Contatto North\" \/>\n<meta property=\"og:description\" content=\"No one ever plans to fall into a spiral of debt, but sometimes challenges arise that cause the debt to build up around you before you have even realised how bad it is. 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