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FIX YOUR DEBT PROBLEMS

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The stokvel seminar was top notch.Photo by Kopano Monaheng
The stokvel seminar was top notch.Photo by Kopano Monaheng

IT DOESN’T matter how big your problem is, you can usually find a solution.

This was true for the more than 300 members of different stokvel groups from around Welkom in the Free State who arrived by bus at the Ferdi Meyer Hall to hear about financial literacy.

SunStokvel was also at the stokvel seminar organised by Ubank Limited, the bank formally known as Teba.

The bank’s financial literacy programme – called Sisonke – was the bank’s first seminar.

Max Modise, head of marketing and communications at the bank, said they will hold at least three financial training seminars for stokvel members every year starting next year.

“We realised many people are in debt and most of them are stokvel members.”

He said that it was a critical decision by bank management to provide lessons about financial literacy to Mzansi women and the areas where they live.

South Africa’s debt levels are so high, they are damaging the economy.

At the seminar, financial experts shared their lessons from the stage but the message was clear: people were vulnerable to predatory lending and suspicious financial services.

“It is important that people are financially literate as it reduces their need to use credit and improves their wealth creation.”

Motsidisi Sehloho (53) from Bedelia, a suburb in Welkom, attended with her other stokvel members, said: “I got into debt 20 years ago by buying cars. It’s not fun because I am always broke now and I can’t enjoy myself even a little bit.

“I run out of money just a few days after I get paid. I am so depressed most days.”

She said she needs a solutions to her challenges so that she can live a stress-free life, make some investments, and enjoy her money while at the same time saving and investing.

Sehloho said there was no point bottling this up – she needs help to fix her debt problems.

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