Avoid your own personal downgrade in this junk status

With news of rating agencies downgrading our currency, and the financial situation we find ourselves in as a country - we could be facing further deterioration.

Junk status has left the country’s economic outlook and public finances tumbling. Essentially, the downgrade points to the risk investors face when lending money to South Africa. Our economic weakness ultimately questions our ability to repay the loans we make.

We are officially at junk status, to be blunt.

Paul Roelofse, certified financial planner

We don’t have much control of the downgrade as individuals says Roelofse. He adds that we need to focus on what we can control and change personally.

Take a good hard look at yourself. You run the same process. Your credit lenders, your banks and institutions will start with a credit worthy report on you.

Paul Roelofse, certified financial planner

A good starting point would be investing in managing your own credit rating says Roelofse. We should be reviewing ourselves he says. Take action by assessing what your credit rating is says Roelofse. He adds that there are many credit bureaus which offer a free assessment for you.

Roelofse says that once you know where you stand, you can make a plan to improve your situation.

Step one

Stop going further into debt says Roelofse. It's a great opportunity in the current weak economic environment to pay off debt he adds.

Step two

Rank your various debts by the interest rate you are paying says Roelofse. He adds that you should target the highest one's first, then use the savings to payoff the rest.

Step three

Roelofse says that you should look for opportunities to be less dependent on debt. This is found in working realistically on your spending habits he adds. If the cost of your debt is above 30% of your income, then you're living above your means says Roelofse.

To know more about your personal downgrade, click on the link below...


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