SUCCESSFUL PERSONAL FINANCIAL MANAGEMENT

There are all sorts of financial management programs available that try and teach people financial management.  Some are more successful than others. BUT still people are struggling with debt and mismanagement of money.

Financial management cannot be taught, it can only be learned. Having someone or something to aid with the process is of great benefit. Find a guide, not an instructor.

I am going to start publishing the pages of an upcoming ebook on sound personal financial management in the coming weeks on this blog and if you need some guidance on the subject this is an ABSOLUTE MUST READ and you cannot afford to miss a single page!

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This is totally FREE and will change your financial perspective forever ! 

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Maximum interest rates on loans from 6 May 2016

Maximum interest rates and costs applicable to different types of credit transactions – applicable from 6 May 2016	Present repo rate 7%
Mortgage agreements	Repo Rate + 12% per year
Credit facilities	Repo Rate + 14% per year
Unsecured credit transactions	Repo Rate + 21% per year
Developmental credit agreements (i.e. small business, low income housing)	Repo Rate + 27% per year
Short-term transactions	5% per month on the first loan and 3% per month on subsequent loans within a calendar year
Other credit agreements	Repo Rate + 17% per year
Incidental credit agreements	2% per month

Source: Government Gazette, 6 November 2015

Initiation fees on credit agreements are also limited under the regulations.

Credit type	Maximum initiation fee
Mortgage agreements	(a) R1 100 per credit agreement, plus 10% of the amount in excess of R10 000 (b) Never to exceed R5 250
Credit facilities	(a) R165 per credit agreement, plus 10% of the amount in excess of R1 000 (b) Never to exceed R1 050
Unsecured credit transaction	(a) R165 per credit agreement, plus 10% of the amount in excess of R1 000 (b) Never to exceed R1 050
Developmental credit agreements –       for small business development –       for low-income housing	(a) R275 per credit agreement, plus 10% of the amount in excess of R1 000 (b) Never to exceed R2 600 (a) R550 per credit agreement, plus 10% of the amount in excess of R1 000 (b) Never to exceed R2 600
Short-term credit transactions	(a) R165 per credit agreement, plus 10% of the amount in excess of R1 000 (b) Never to exceed R1 050