Free Lateral Credit Solutions

12/09/2024

We know how challenging growing and maintaining a healthy credit score can be, but we’re here to help! 💛💙

08/05/2023

How to Choose the Credit Card FOR YOU!

Choosing the right credit card is an important financial decision that can impact your credit score, your purchasing power, and your ability to earn rewards and benefits. These are the main factors you should consider when choosing a credit card:

1. Interest Rates: The interest rate is the amount of money that you'll pay on any balance that you carry over from one month to the next. It's important to look for credit cards with low-interest rates, as this can help you save money over time. Keep in mind that some credit cards may offer low-interest rates for an introductory period, which then increase after that period ends.

2. Fees: Credit cards may come with various fees, such as annual fees, balance transfer fees, foreign transaction fees, and cash advance fees. It's important to understand the fees associated with a credit card and how they might impact your overall costs.

3. Rewards and Benefits: Many credit cards offer rewards programs that allow you to earn cash back, points, or miles for every dollar you spend. These rewards can add up quickly and can be a great way to earn extra money or travel benefits. It's important to look for a rewards program that matches your spending habits and lifestyle.

4. Credit Score: Your credit score is a measure of your creditworthiness, and it's an important factor that credit card companies use to determine your eligibility for a card. If you have a low credit score, you may need to look for credit cards with lower credit score requirements or secured credit cards that require a security deposit.

5. Credit Limit: The credit limit is the maximum amount of money that you can borrow on your credit card. It's important to consider your spending habits and financial situation when choosing a credit card with an appropriate credit limit. Having a high credit limit can give you more purchasing power, but it can also lead to overspending and a higher risk of debt.

6. Cardholder Benefits: Some credit cards come with additional benefits, such as extended warranties, travel insurance, and purchase protection. These benefits can add value to your credit card and can help you save money and feel more secure when making purchases.
In summary, choosing the right credit card depends on your individual needs and preferences. It's important to consider interest rates, fees, rewards and benefits, credit score requirements, credit limits, and cardholder benefits when making a decision. Be sure to read the fine print and compare multiple credit card options before making a final decision.

If you want to learn which banks have the best credit cards on offer, read more below:

03/04/2023

Change Your Financial Situation with ONE Simple Step…

Many of us have a negative view of saving money

It feels like such a tiny step will never make any noticeable difference, right?

WRONG!

Saving money is a journey

And like any journey, you need a clear destination, a route and a bit of patience

These 5 tips will serve as a roadmap to your desired financial situation

30/03/2023

Which one are you?

Which one would you rather be?

Why? 💙💛

28/03/2023

What They DON’T tell you about debt review.

Once you’re over-indebted, debt review may seem like an effective way to regain control of your financial situation. This is because in most cases, debt counsellors advertise debt review as a simple way of managing your debt. They tend to solely focus on the positive aspects of debt review while neglecting to inform their clients about the potential downsides of being under debt review.

Positives

Your repayments will also be consolidated into one monthly plan. This means that you don’t need to worry about making multiple payments fit into your budget and you don’t need to be concerned about forgetting one or two of the smaller repayments. The monthly amount will also include any legal fees, debt review costs and repayment interest rates.

While you’re under debt review, your car, your home, and your other assets will be protected under the regulation of the National Credit Act. If you stay up to date with your debt review repayments, creditors will not be able to repossess your assets.

While under debt review, your creditors will be legally obliged to call your debt counsellor and they will not be able to contact you directly to demand payment. This means you’ll have relief from any credit providers hounding you and you can trust that your counsellor will be on your side to communicate with them on your behalf.

Negatives

Entering into Debt Review means you want to eventually be debt-free. As a result, you agree to pay off your debt, while not taking on any extra credit during the process. Your credit record will show that you are under debt review, and you will be automatically disqualified if you apply for any credit loans. Only once you have completed the process, will you receive a Clearance Certificate which allows you to apply for credit.

Since you’ll be paying lower monthly instalments, paying off your debt might take a little longer. This means that you could spend a long time without being able to use credit to purchase a vehicle, a phone or any expensive goods that you may not be able to afford otherwise. So, it is very important that you consider the negative impacts of being under debt review before agreeing to it. However, if you’re already under debt review, contact us for assistance.

06/03/2023

Living expenses such as fuel/transport, groceries, electricity, school fees etc. seem to be ever-increasing while the average person’s salary seems to remain the same. If you relate to that sentence, you probably find yourself wondering how you’ll make ends meet or how you’ll make it through the month while external factors such as load shedding continue to pile on the pressure. What should you do?

In such cases, most people would make use of credit facilities to bridge the gap between their salary and their increased living expenses. However, this is not a good long-term solution because it’ll only increase your expenses further down the line.

So instead, we have compiled five simple ways to adjust your spending that will help remove some of the financial pressure you may be experiencing. Now, some of these methods may be easier said than done, but once implemented, you’ll find that a little really does go a long way.

1. Draw Up a Monthly Budget:

The most important step to controlling your financial situation is being able to manage and track your finances and expenses. By drawing up a budget, you’re able to see areas of excessive expenditure and can adjust your monthly spending accordingly.

By reducing unnecessary expenses, you’ll find that these small savings add up and make a significant difference in your financial situation.

We’re aware that sometimes, it may not be as simple as cutting or trimming out some expenses as some of it may be contractual or some form of obligation but, learning to control and understand your spending habits is a good starting point.

2. Start a Side Hustle:

Sometimes, you simply just do not earn enough money to cover all your expenses, regardless of how well you manage your money. In this case, the only way of surviving is supplementing your income with a second job or an online business.

While not everyone may have the time or resources to start a business or get another job, there are online jobs such as being a virtual assistant or running social media for small companies can add the extra cash flow you need to make ends meet.

3. Seek Better Prices:

Saving a few Rands on every purchase you make may seem tedious, but this will benefit you overtime since those savings will compound. So, it’s best that you do a little research about which grocery stores and/or fuelling stations have the best prices and/or deals on offer. Also, make use of the rewards card that these stores have on offer because they offer points and discounts which will help you save money whenever you’re shopping.

4. Unsubscribe From Unnecessary Services:

Services such as DSTV, Netflix or YouTube Premium offer quite a convenient and pleasant user experience, however, if there’s a free option that offers a similar experience, perhaps it’s time to consider cancelling your subscription.

We’re aware that cancelling a single subscription may not make much of a difference since these subscriptions don’t cost much on their own but, you could end up saving hundreds (or even thousands) of Rands every month by cancelling multiple services that you don’t need or regularly use, even if its temporary.

5. Continue Paying Your Debts:

When times are tough, one might be tempted to stop paying their debts so that they may have more money in their pocket each month, but this is a terrible mistake. If left unpaid, your debt will continue to pile up since there are extra fines and fees that will accumulate, along with the outstanding amount. So, by refusing to pay your debts, you are only making matters worse since your expenses will increase down the line, especially when debt collectors get hold of you…

02/03/2023

Payday loans may seem like an adequate short-term solution when you run out of money midway through the month, however, there may be some additional terms and conditions that you aren't aware of.

Read here to find out more:

Most of us have experienced running out of money before the end of the month, we’ve been there. In these situations, you’re most probably searching for ways to get your hands on some quick cash to hold you over until payday, right? You’ve tried borrowing money from family or taking a small loa...

25/02/2023

10 warning signs that you may be over-indebted

1. You spend more than what you earn every month According to the latest Deloitte consumer survey, 70% of South African citizens spend all, or even more, than what they earn from their main source of income each month, this is the first sign of a debt/Spending problem. Without having a budget in pla...

24/02/2023

Learning and understanding the inner workings of the credit system can be a time-consuming and daunting task, with many people often learning some of the lessons the hard way through overindebtedness, poor financial/credit management, declined credit applications etc.

To address this issue, our expert consultants have worked tirelessly to distill the most important information into a simple and concise ebook that addresses the most common credit-related issues that have affected our clients over the years.

Once you've read the Navigating Credit ebook, you'll have a deeper understanding of how credit works; how to use credit to your advantage; how to change the way you think about credit, how to manage your credit, how to improve your credit rating, how to use credit as a wealth building tool and more!

Learning and understanding the inner workings of the credit system can be a time-consuming and daunting task, with many people often learning some of the lessons the hard way through overindebtedness, poor financial/credit management, declined credit applications etc. To address this issue, our expe...

21/02/2023

17/02/2023

Being under debt review can be quite a troublesome position to be in since you cannot use any lines of credit. That's why we've compiled an article explaining how you can withdraw from debt review, if you wish to do so!

Read more below:

Withdrawing from debt review requires legal assistance as debt counsellors aren’t able to assist on their own, this process differs depending on your financial status and whether you’ve paid all your outstanding debts. If you have been declared over-indebted, as is the case for anyone under debt...