South Africa – Junk status… anything but junk…
Corruption, radical economic transformation, SASSA, Eskom, SABC, Zuma, Pravin, general service delivery and strikes have become synonymous with South Africa. Unfortunately, the recent downgrade of our country’s credit rating to Junk Status has brought about further negativity and discourse in our beautiful country.
As a result of the downgrade, the average consumer will experience a vast increase in daily living expenses and their ability to repay their debt will be severely compromised. Those who are over-indebted and no longer able to meet all their credit repayments on a monthly basis could consider debt-review to ensure legal protection from creditors. However, once you are under debt review, you have no further access to credit until all of your debts (except your home loan) have been repaid.
The alternative is to consider debt consolidation, which involves taking out a single loan with an affordable repayment premium, to settle outstanding balances with other creditors. When done correctly, debt consolidation should ensure an increased disposable income and the comfort of only having one liability to service monthly.
Amidst all these challenges, it is easy to forget that we live in an amazing country! We boast the likes of Nelson Mandela, Chris Barnard, Table Mountain and many great inventions such as the Dolosse, CAT scan, Pratley Putty and first open heart surgery. With 11 different languages and numerous cultural and ethnic backgrounds, we are truly a melting pot of diversity and that all adds to the fabric of this country. It is also one of the most beautiful countries in the world. Whether you prefer lying on the sandy beaches of our coastline, or trekking the Big 5 in the Bushveld, jumping off the highest bungee bridge in the world, shark diving at Aliwal Shoal or just enjoying the majesty of a sunset in the Karoo, our country has it all.
So next time you are feeling depressed by the weakening rand, increased inflation or the Gupta’s spending our money, arrange a purely South African Braai with a few friends and celebrate this amazing country.