5 Things A Debt Psychologist Wants You To Know
Essentials|February 2018

Are you drowning in debt? Here are five top tips from a financial expert...

Leigh Hermon
5 Things A Debt Psychologist Wants You To Know

Debt’s an easy thing to get into, but getting out of that hole is much harder. According to the South African Reserve Bank, about 73% of a household’s annual disposable income goes to servicing their debt alone, so out of every R100 earned, R73 goes to paying off debt. Winnie Kunene, who is a financial psychologist and a trustee on the board of 1Life’s Truth About Money, a money management and training initiative, gives us her advice on moving towards a debt-free life.

1. More than money

Debt doesn’t only affect your bank balance, it can be incredibly damaging to a person’s psyche, explains Winnie. ‘Research shows that people who have high levels of stress over their finances are at a higher risk of insomnia and depression.’ Yes, it’s easier to pretend your impending financial disaster isn’t happening, but it will need to be addressed at some point.

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