Responsible Credit
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Our first episode of the 6-part Thought Leadership Podcast Series is finally out. In our first episode, Old Mutual Finance CEO, Jan Moganwa joins Arabile Gumede to discuss the importance of responsible credit and how it can impact our credit profile.
Chapters
- 00:24 The debt crisis in South Africa, and starting the conversation around responsible lending
- 01:33 The story of responsible lending starts with responsibilities
- 02:45 How to ensure you borrow in a responsible manner
- 03:29 The difference between good credit and bad credit
- 06:30 Discussing ways to be more responsible with credit
- 09:03 The importance of keeping debt low
- 11:45 Explaining credit scores
- 14:57 The differences between debt consolidation and debt counselling
- 17:34 Does debt counselling lead to debt consolidation? Not necessarily
- 18:17 Going through the debt review process
- 19:37 What impact does debt review have on your credit score?
- 22:46 How important is it to know the interest rate you pay on debt?
- 24:57 Arabile shares his debt story and what he learned from it
- 26:23 The importance of talking about finances with loved ones
- 29:33 What role do lenders play in responsible credit?
- 31:11 The role that the NCR and different Ombudsman play in the credit sphere
- 32:42 What role does Old Mutual play in financial education for the credit space?
- 35:21 The importance of having a clear plan
- 37:37 A piece of general advice: talk to someone
