Not Just A Budgeting Tool, Moneysmart Helps You Get Out Of Debt

Online, July 9, 2013 (Newswire.com) - Due to rising costs of living, high rates of inflation and a notable lack of a culture of savings amongst South Africans, it's clear that the nation is in dire need of financial education.

National statistics attest to this: out of South Africa's population of approximately 50 million, only around 19 million people are credit active, i.e. have access to and use credit.

Of the 19 million credit-active South Africans, a startling 68% have impaired credit records. This means that almost 13 million South Africans are virtually drowning in a state of over-indebtedness and are struggling to cope with their monthly debt repayments.

These statistics are concerning in that they clearly show a vast number of South Africans are living far beyond their means and battling to weather the storm of over-indebtedness.

This is where moneysmart can play a positive role. The online personal finance management tool has released an inspiring new feature to assist the South African consumer in better managing his or her debt.

moneysmart users can now access their credit reports from one of South African's leading credit bureaus, XDS.

The moneysmart credit report displays all of the user's accounts and debts in a single place, as well as listing all account balances, settlement amounts and due dates.

Having all of his personal finance and credit data in one place online, the moneysmart user can easily track his progress as he works towards paying off his debts.

Over and above the general information one would view in a credit report directly from the bureau, this exciting new functionality additionally provides practical guidance - in the form of tips and advice - to help users improve their debt management skills and tackle any significant concerns affecting their entire credit rating.

This would include factors such as judgements, defaults and any fraudulent activity affecting their credit profiles.

moneysmart's innovative credit report functionality guides and educates users in rectifying any and all of these major concerns.

No longer just an online budgeting tool, moneysmart is now an all-in-one personal finance and credit management solution.

The credit management feature is a subscription service that costs R59 per month. Taking into account the vast savings users will enjoy by effectively managing their credit, this fee seems well worth it.