How not to get a credit record

Far too many 20- and 30-year-olds are struggling to meet monthly debt repayments, which affects their ability to break the dependency cycle and create long-term wealth.

The debt invariably starts with student loans, but once these young people join the workforce, the temptation to take on consumption debt – which is effortless because of the easy access to store cards, credit cards and personal loans – is enormous.

As a general rule, for every R1 000 you earn, financial institutions will give you about R3 000 in credit.