We met in early August when I conducted Employee Financial Wellness talks and consulted with some of the employees at the company. Her debts at the time were as follows;

Increasing interest rates encouraged her to downgrade her car because the instalments were just getting too expensive. She is shopping for a cheaper car and is committed to buying a car with NO balloon payment and with instalments in the region of R5000 to R6000 maximum.

Next Debt to bite the dust will be the personal loan. We are assisting her to get about R100 000 from her home loan so that she cuts the debt down into half. She will also be increasing the monthly payments toward the personal loan by at least R4000 [the money will come from what she used to pay towards the credit card and the savings from the lower car repayments on the new car]

As I always say, I can only advise people how to get out of debt but ultimately, they need to have the courage to do what they need to do to free themselves of debt. Downsizing a car is not easy for most people hence I am very pleased that she was prepared to buy a smaller car