Ways of funding your small business

Ways of funding your small business

Getting a small business off the ground is challenging, especially without much finance. There are various ways to fund a small business.

Here are a few ways you can access to the capital you need:

Self-funding: Most privately-owned businesses tend to start with funds raised internally. Many small business owners take a risk by financing their businesses using their own bank accounts. This gives the advantage of having direct access to money. A disadvantage may be that personal finances are tied up with business funds. A simple way of avoiding confusion is to open a separate business account. It’s important to keep business records as a separate entity.
Read more

Causes of debt in South Africa

Causes of debt in South Africa

Reasons we fall into debt

Financial pitfalls occur occasionally, leading some people to fall into debt.  This can be frightening and should ideally be avoided. Causes are diverse – they may be social, historical or emotional. It may be helpful to know some of the reasons you fall into the debt trap. This way you can be aware of potential mistakes.

Here are a few common reasons we fall into debt:

Reduced income while expenses remain the same:
Changes in lifestyle or the economy may mean that we have lower income, while expenses stay the same. This may lead to a reliance on credit.
Read more

Ways of overcoming financial debt

Ways of overcoming financial debt

Having financial debt is a situation in which people don’t like to find themselves in. Being in debt doesn’t have to mean that the situation can’t be overcome. There are numerous strategies for overcoming financial debt. It’s important to make decisions that won’t hurt you any further financially.

Debt Counselling:

There is a wide array of debt counsellors available to help you manage your finances more effectively. These professionals are trained to help over-indebted individuals in clearing their debt. Debt counsellors will communicate with your creditors on your behalf to negotiate lower instalments. They will also conduct a full inquiry into your financial situation and make recommendations to your creditors and the courts if necessary.
Read more

10 Facts you need to know about Debt Counselling

Getting into debt can be helpful if done correctly and controlled efficiently. Being over-indebted can occur once individuals can’t manage to make payments on time. Getting out of debt may seem to be impossible at times.

Debt counselling is a process that involves a sound debt management plan.

A number of benefits are associated with debt counselling.

Here are a few facts that can be helpful to know before applying:

You may not qualify:
Read more

Consolidation Loans – Advantages and disadvantages

We live in a complex financial world. Poor decision-making may lead to individuals getting into debt. Getting out of debt may be an extremely difficult process. Debt consolidation can make this easier.

Repaying multiple debts can be stressful and confusing to manage, resulting in the borrower defaulting on payments. Many people resort to debt consolidation when they can’t manage their debt.

Getting a debt consolidation loan has a few advantages and disadvantages:
Read more