The ABCs of loans

Customers should be confident to ask questions about their loans
Customers should be confident to ask questions about their loans

Understand the small print; Thabo has been struggling with his debts for the last eight months; seemingly the debts are not getting any smaller or any less.

Thabo decides to take control of his financial situation. He decides to write all of his debts down on a piece of paper, prioritising them in terms of the cost of each one.

He then writes down the monthly interest each one is incurring. Thabo soon realises that by doing this, many of his debts are costing him more than what he thought.  Thabo decides to seek advice from his bank. Thabo’s bank manager discusses his options with him, and although he/she wants to assist; is not able to do more than advise him due to the contract Thabo had signed with the bank. His loan with his bank was a set term, and not flexible.

Editor's Comment
Mind your health

They've repeatedly warned that hypertension, or high blood pressure, often termed a chronic lifestyle disease, is a silent killer. It's crucial for everyone to be aware of their health status. Nowadays, many companies host wellness days, offering free disease screenings to employees!Unfortunately, even with such services, some choose not to take advantage of the opportunity.The Dutch Reformed Church in Botswana recently organised a...

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