Pay off debt when the going is good

You should use the opportunity of lower interest rates to pay off your debts and to start saving. This is one of the messages of National Savings Month, which will be launched in Johannesburg on Monday.And there is a "sign of hope" that South Africans are paying off a little more debt and saving a little, despite the credit crunch and economic recession. But we all need to do more to reduce debt and improve the level of savings, Elias Masilela, the chairman of the South African Savings Institute (Sasi), says.The financial crisis makes the National Savings Month campaign even more critical this year, he says.Masilela says you have a better chance of sailing through the recession if you:
Fully appreciate and understand the need to manage debt;
Live within your means; and
Have built up savings.
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Stefan