Kedilatile Legodi
2 minute read
15 Mar 2020
1:15 pm

How to borrow wisely because credit is so expensive

Kedilatile Legodi

For some, there may be a need to borrow money to take care of monthly expenses, but it is expensive, therefore one should only borrow when it's absolutely necessary.

Credit cards. Picture: iStock

Consumers are reminded that credit is expensive, therefore they should only borrow when it is absolutely necessary to do so, and only from credit providers registered with the National Credit Regulator (NCR). Understand the total cost of the credit you are applying for before you sign on the dotted line. The cost of credit includes interest, once-off initiation fees, monthly service fees, credit life insurance, etc. To understand the cost of credit, consumers should be given a pre-agreement statement and quotation that disclose the total amount repayable for the money borrowed, inclusive of related costs at the end of the...