News24 | Money: It’s not black or white | From debt to financial freedom (opens original article in a new tab)

The article discusses strategies for managing debt, highlighting a case where a 65% discount helped someone pay off debt, while emphasizing the risks of ignoring financial obligations.

• Vuyie paid off R65% of her debt through a bank discount after being in debt for 18 months.
• Ian Wood explained that banks may offer debt discounts if they can recover more than the written-down value of the loan.
• Ignoring debt leads to compounding interest and fees, and can damage credit scores for up to three years.
• TikTok myths about debt prescriptions and legal limits were debunked, as collection agencies can pursue legal action if debts exceed R20,000.