What a credit analyst does is mainly related to gathering and analysing financial data about clients. These professionals are tasked with evaluating the data and recommending a course of action. A credit analyst will assess a number of factors, in order to decide whether or not a customer is likely to default on payments or not. To qualify and pursue a career in this field, a professional requires a bachelor’s degree in finance and accounting. This profession also requires aptitude in ratio analysis, basic accounting and other skills. Furthermore, one is required to have quantitative skills, along with knowledge of industries. This is because as a credit analyst,…
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A derivative of Corporate Social Responsibility (CSR) is a corporate social investment (CSI), which constitutes projects undertaken by a company, not directed at increasing company profits. They are more about finding ways to align the company’s values and mission to particular causes. CSI initiatives provide companies with ways to contribute towards efforts that improve society. This is an investment that has a number of advantages and which can take on many forms. Some companies may choose to invest in education because the CEOs are passionate about this cause the most and have found ways to ensure that business operations focus on improving this sector.…
Lawrence is a young professional who is supporting some members of his extended family. His parents recently had a financial setback and he is looking for ways to help them. He doesn’t have an emergency savings account yet, so he decides to apply for a short term loan. In addition to banks, he has access to a range of short term loan providers. One such lender is Wonga. This lender offers R4000 loans for new customers, while existing ones with a solid repayment history are able to access sup to R8000. Borrowers have up to six months to repay. How to qualify for a Wonga…
The May 2019 national elections in South Africa were the most anticipated since the first democratic elections in 1994. There were not only a record number of voters, but the governing party, the ANC has been losing support in droves. This election season has seen not only more voters, but also may first-time voters. There are numerous regulations that govern how the electoral process works and it’s important for citizens to be informed before they mark their “x”. What you need to know about the 2019 elections: 1. The Independent Electoral Commission (IEC) is tasked with overseeing the 2019 elections The process is overseen by the IEC, an impartial entity It ensures that a…
Your credit score gives lenders assurance that you will be able to pay back their money. It also determines the interest rates which you will be charged on the loan that you take. In South Africa there are three credit bureaus that specialize in giving out credit reports. Every consumer is entitled to one free credit report per year and they will purchase any extra reports in case that they need it. The three credit bureaus in South Africa include Transunion, Compuscan and Experian and their prices for credit reports differ accordingly. The second option is to approach your credit card company for a credit report. Credit card companies…
Carbon tax is a tax that is paid by businesses and companies that release high levels of gas into the atmosphere. Companies and businesses will be required to pay the carbon tax in accordance to how much their activities leave footprints in the environment. The carbon tax was introduced to try and reduce the emission of carbons in the atmosphere and force companies and business to find cleaner options of production. It is a way of encouraging businesses and individuals to find ways of maintaining a cleaner environment that is safe for all to live. The amount to be paid…
1. Get help from a nonprofit credit counselling organization- these organizations are usually free and advice on how individuals can repay their debts. They also come up with practical ways of paying back the credit. The organization can negotiate lower interest rates on behalf of consumers. The plan might also include paying one single payment to the organization who will pay off your debts on your behalf. 2. Take out a personal loan- you can take out a personal loan from the bank or online lenders. The interest rate can be significantly lower than the credit card. A personal loan is not backed by any collateral. However, defaulting might end up with…
1.Get solar- installing a solar geyser will help with hot water supply during the blackout. Solar lights are also very useful during these times. 2.Use empty plastics and empty plastic bottles to make ice in the freezer. These will become useful if electricity is out for some time. This will keep the refrigerator and freezer cold and prevents food from going bad. 3.Make use of car chargers to charge your cellphones and iPad. This will ensure that your phones are always powered up to keep you connected in case of an emergency. 4.Keep temporary lights with you at all times. These include candles, solar and paraffin lights. 5.Invest in a…
Different factors are considered when trying to understand the credit behavior of consumers in South Africa. Social needs, traditions, lifestyle and age can factor into the behavior of consumers. Social needs include the need to belong and fit in. some South Africans buy on credit to fulfill this particular need. Age is also a determinant on credit behavior of consumers. Younger consumers are more inclined to spend and be flashy that the older ones. The lifestyle of consumers contributes to their behavior. Consumers who are earning less will consider fulfilling the basic need and buying the basic commodities before getting…
The marshmallow test was originally founded by Walter Mischel who was a professor at Stanford University. He took nursery kids into a room and gave each a marshmallow. He would then tell the kids they could eat the one marshmallow right away and get no reward. Alternatively, they could wait for him to come back and get a second marshmallow. This test was to show that the ability to delay gratification would mean getting double the benefits in the end. What it means for retirement. Most people would rather enjoy their money now and spend recklessly instead of saving it…