March 2025 Finance Newsletter: Get Clear on Credit Health

Unless you have won the Lotto, or you have never had an opportunity to open an account, there is a pretty good chance you have some financial debt, and a credit rating associated with that debt. Whether it’s a short-term loan, credit card debt, car financing, or a home loan, debt is a reality for most people. Your credit report is the game changer when it comes to taking out and managing debt.

Tip: Your credit report is the CV of your credit life and the tool to use to start putting yourself in a better financial position.

Your “Money Move” this month is to access your free credit report as the first step in improving your credit health.

Simply Surviving? Perhaps, like Michael, you feel like you are drowning in debt. You need to take a detailed and honest look at what you are spending on your debt repayments and understand the type of debt you have and the reason why you got into debt. Do you have loans with a regulated credit provider, or an informal loan with family or friends and, like Michael, debt with a loan shark? Is legal action pending? By accessing your credit report and meeting with a financial coach, you CAN get help and find a solution to get out of the debt trap. 

Steadily Striving? Do you relate to Pat, who was doing ok and was managing to keep up with her debt commitments, but her real goal was to stop renting and buy her first home? She had no idea where to start. With the help of her coach, she managed to access her free credit report, and she realised what she needed to do to improve her credit score by paying her debt on time every month. Her coach helped her understand all the costs related to credit, including credit life fees. This allowed her to save on her monthly debt commitments and work towards her financial goal.

Totally Thriving! Nonhlanhla has a healthy credit score; she manages her credit commitments well and regularly checks her credit rating. This money move has protected her from digital fraud and scams! Looking at her credit report in the meeting with her financial coach gave her insights on getting a better rate on her home loan due to her good credit score. This has led to a monthly saving on her debt instalments. Smart move, right?

Your credit health is the heartbeat of your financial well-being. Whether you are surviving, striving, or thriving, if you want to work on your financial health and make a positive impact on your finances, reach out to the financial coaching team today.