Buying a Car While in Debt

Image supplied by Krissi Sandvik

A car is an important asset to have, especially if you have to commute a fair distance to get to work. Let’s say for instance that you owned a second hand uninsured vehicle and that vehicle decided one day to break down.

The price of repairing your vehicle is not only too much, but you have various other debts and accounts that need to be paid off before you even consider salvaging your car.

What do you do?

READ MORE to find out.

Loan Sharks - What you should know

"A loan shark is a person or body that offers unsecured loans at illegally high interest rates to individuals, often enforcing repayment by blackmail or threats of violence" - Wikipedia

We have all heard of the concept of under-the-table money lenders, seeing them in the movies as those ruthless thugs who will break your legs if you fail to pay back your dues to them.

People generally turn to this informal means of money lending as they have become desperate due to high financial debt and being denied personal loans by their merchant bank.

READ MORE to find out about a few interest pointers and statistics about loan sharks.