The ABCs of loans

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.