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Biggest Debt Mistakes – Insurance Gateway

Biggest Debt Mistakes – Insurance Gateway

Biggest Debt Mistakes

In this Insurance Gateway article Wikus Olivier, debt counsellor at DebtSafe, discusses the top five biggest debt mistakes consumers make.

Debt is something most individuals cannot avoid. If not managed correctly it could become an endless cycle of over-indebtedness.

The good news is that debt can be managed properly. But there are common mistakes South Africans make that leave them over-indebted. Wikus discusses the five biggest debt mistakes consumers are making, and how to avoid them.

The top five biggest debt mistakes are:

  • Living outside of your financial means
  • Paying only the minimum
  • Not prioritising
  • Credit card abuse
  • Paying off debt with debt