Bring back the ‘happy’ in ‘happy holidays’ by getting out of the generational debt prison.

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As we prepare to put our work tools down for the year and get into the festive season, may we think before we tap or swipe. Our spending in December will set the tone for January 2024, therefore let us change the narrative of having a festive and fun December but a gloomy and worrisome January by changing our spending behaviors. The Credit Ombud and MicroFinance South Africa want  to help the many consumers who want to be set free from the chains of bad debt. To the consumers who are over-indebted, who want to get out of their current debt, and to the ones who want financial freedom, we are referring to you. Change the narrative of a broke January and transition into a debt-free life. 

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PERSONAL FINANCIAL REVIEW CHECKLIST

DISCLAIMER: The answers do not have to be submitted to any party, the Personal Financial Review Checklist serves merely as a guideline to assist you in assessing your Financial Position. 

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Upon completion of the Personal Financial Review Checklist, you will be able to understand your financial position and determine whether you should take the necessary steps to become debt-free. 

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A. Debt Profile:
Total amount of debt owed: 
List the types of debts (e.g., credit cards, loans, mortgages etc.):
List the number of creditor providers:
Are you currently receiving collection calls or notices from credit providers?

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B. Financial Situation:
Do you have a budget in place? (Yes/No)
Are you able to meet your monthly debt obligations comfortably? (Yes/No)
Have you experienced a recent change in income or expenses? (Yes/No)
Are you able to save any money after paying debts and expenses? (Yes/No)

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C. Stress and Emotional Impact:
On a scale of 1 to 5, how stressed do you feel about your financial situation? (1 being minimal stress, 5 being extreme stress)

Does your debt affect your daily life and overall well-being? (Yes/ No)
Have you experienced anxiety or sleep disturbances due to financial worries? (Yes/ No)
Do you feel overwhelmed or anxious when dealing with financial matters? (Yes/ No)

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D. Coping Mechanisms:
What strategies or steps have you taken to manage your debt?

Have you sought professional advice or counselling for debt-related issues? (Yes/No)
What support systems do you have in place to help you cope with financial stress?

E. Future Plans:
Do you have a plan in place to address and reduce your debt? (Yes/No)
Are you open to debt rehabilitation programs or debt mediation services? (Yes/No)
What steps do you intend to take to improve your financial situation in the future?