Be Financially Smart with FNB

Here's what you need to know before you take out a loan

We all need money to survive. We use it to buy things that we need and want, but so many people use money recklessly. So when our income isn't enough, we turn to loans as a means to compensate.

Head of FNB’s Consumer Education Program Eunice Sibiya addresses the issue of loaning by talking about the different types of loans, and ensuring that you chose the right one for you.

Sibiya says that having discussions around money is a very sensitive issue and people tend to shy away from it. She adds that one of the key topics that make people uncomfortable is around borrowing money.

Borrowing money plays a significant role in the daily lives of millions of South Africans says Sibiya. She adds that in many cases, people don't have a choice but to borrow money.

Sibiya says that as the cost of living increases, so South Africans need to make a plan to ensure that they don’t find themselves drowning in debt.

People are borrowing money for food - we spoke about the stats last week and 23% of people actually borrow money for food.

Eunice Sibiya, head of FNB’s consumer education program

Sibiya says that it’s painful and scary when people use their credit cards for groceries and don’t have a plan to transfer money from their account to compensate for the costs.

We have a combined consumer debt of nearly R1.7 trillion.

Eunice Sibiya, head of FNB’s consumer education program

It’s not surprising that so many people are blacklisted today.

Eunice Sibiya, head of FNB’s consumer education program

Click on the link below to hear about the different types of loans for you…


Recommended

by NEWSROOM AI
Read More
Smart money management techniques to reach your financial goals

Smart money management techniques to reach your financial goals

FNB Expert Ester Osche wraps up the #BeFinanciallySmart feature by highlighting some important techniques you need to adopt to be well on your way to financial freedom.

Saving should be the most important part of your budget says FNB's Ester Osche

Saving should be the most important part of your budget says FNB's Ester Osche

For the past few weeks, the Be Financially Smart experts have been delivering excellent insights on saving and investing your money. It is an essential part of building your wealth

Investing for retirement and the best time to start

Investing for retirement and the best time to start

How much time do you have left before your monthly income stops? The earlier you start saving for your retirement, the better!

How to juggle the stock market smartly for long-term investing

How to juggle the stock market smartly for long-term investing

The Azania Mosaka Show kicks off Savings Month with a discussion about stock markets and long-term investing.

Property investing as a good long-term investment

Property investing as a good long-term investment

FNB Expert Ester Osche discusses how to turn a property into a stable and rewarding long-term investment,

How to spot an investment scam from a mile away

How to spot an investment scam from a mile away

We've all heard stories of people falling victim to poor investment decisions. Here's what you need to look out for.

Popular articles
Should Zimbabwe officially join South Africa in a monetary union?

Should Zimbabwe officially join South Africa in a monetary union?

What will happen to the rand if it does? Bruce Whitfield interviews Tim Nhamo, a currency specialist at Ironhead Trading.

South Africans are getting poorer and poorer

South Africans are getting poorer and poorer

It's not your imagination; we’ve lost a decade. Bruce Whitfield interviews Johann van Tonder, a researcher at Momentum.

No more swiping without sweating! Discovery Vitality introduces new swipe system

No more swiping without sweating! Discovery Vitality introduces new swipe system

The health programme piloted a new tag system at the exit points in a bid to crack down on fake gym visits at a few fitness clubs.

ANC will lose some power in 2019, but Cyril will still be president - astrologer

ANC will lose some power in 2019, but Cyril will still be president - astrologer

Astrologer from Soul Direction Dawn Carter gives us a horoscope forecast for South Africa in 2019.

Agrizzi: Bosasa paid over R4 million a month in bribes to secure contracts

Agrizzi: Bosasa paid over R4 million a month in bribes to secure contracts

EWN's Clement Manyathela describes testimony given by Angelo Agrizzi at the Zondo Commission of Inquiry into State Capture.

[WATCH] Baby hilariously tries to eat mom's burritos

[WATCH] Baby hilariously tries to eat mom's burritos

Khabazela shares tweets and Facebook posts that have gone viral.