Welcome to the Santam Insure Your Future Money Bootcamp with Maya Fisher-French and Mapalo Makhu. In previous episodes we have focused on budgeting and living within your means, but at some stage everyone will need to access credit. But how do you do that in a responsible and sustainable manner?  We begin with a cautionary tale from Thato, one of our mentees, who illustrates how easily consumer debt can accumulate. From small loans and credit cards to store accounts, many find themselves in financial turmoil without realising how they got there. Thato's story serves as a reminder of the importance of understanding the true cost of debt and making informed decisions. We explore the concept of good versus bad debt, providing practical examples such as using a loan for education or a car versus funding a lifestyle you can't afford. Maya and Mapalo discuss the emotional aspects tied to borrowing and how to avoid the pitfalls of succumbing to tempting offers from banks and credit providers. We also delve into the mechanics of credit cards, the myths surrounding the interest-free period, and the importance of paying off your balance in full each month. Mapalo shares a poignant story of a client who fell into the trap of using credit to fit in socially, highlighting the emotional triggers that can lead to poor financial decisions. For those looking to build a credit record responsibly, we offer actionable advice on how to do so without falling into debt. From setting realistic credit limits to understanding the impact of your banking behaviour on your credit score, we cover all the bases. We wrap up with a discussion on car finance, including the dangers of balloon payments and the long-term financial commitment they entail. Maya shares insights from her experience on how to negotiate better terms and avoid unnecessary fees, ensuring you make the most financially sound decision possible. Join us for this comprehensive guide to borrowing wisely, and don’t forget to complete the credit agreement worksheet available in this link. Your journey to financial freedom starts with understanding and managing your debt effectively.