Debt Basics

Are You Credit Wise?
Guidelines for keeping healthy debt levels
  • Plan your finances and live within your means. Your total liabilities should not exceed 50% of your total assets.
  • Borrow only the amount that you need. Not more than 35% of take-home income should be used to make loan instalment payments.
  • Build cash savings equivalent to 3 to 6 months of your living expenses as a buffer in time of emergencies.
How to get out of debt

With today’s increasing debt levels, understanding debt is more important than ever. When used and managed carefully, debt can actually enable you to:

  • Build a credit history
  • Buy a house
  • Send yourself or your kids to school
  • Track and manage your spending.

Understanding debt and using it wisely can help create a better, more fulfilling life for you and your family and can steer you toward a more stable future.

10 Steps to Financial Stability 10 Smart Steps To Tackling Debt Rewards of Getting Out of Debt