A Personal Note from Nomzamo:
I’m writing this on a quiet Friday morning, and I need to tell you something honest.
Debt almost broke me.
Not financially (though it tried). It almost broke my spirit.
The shame of it. The hiding. The constant anxiety. Opening my banking app with one eye closed, hoping the numbers would somehow be different this time. Avoiding calls from numbers I didn’t recognize. That heavy feeling in my chest every time someone mentioned money casually, like it wasn’t this massive weight crushing me.
The silence was suffocating.
So today, we’re breaking it. We’re talking about the thing so many of us carry alone. We’re dismantling the shame. And we’re creating a practical path forward.
Because debt is not a moral failure. It’s a financial challenge with financial solutions.
Let’s get free.
Here’s what we don’t say out loud:
Debt is everywhere. And it’s crushing us.
According to recent South African statistics, household debt is at critical levels. Credit cards, personal loans, clothing accounts, furniture on lay-by, that “small” loan from a friend that’s now been three years.
And we’re all pretending we’re fine.
We post the business wins on Instagram. We show up to church looking put together. We talk about our dreams and goals.
But privately? We’re drowning.
The weight of debt isn’t just financial. It’s:
- Emotional – The anxiety that wakes you up at 3 AM
- Relational – The fights with your spouse about money
- Spiritual – The guilt that makes you feel unworthy of God’s blessings
- Mental – The constant calculations running in the background of your mind
- Physical – The stress that manifests as headaches, insomnia, fatigue
Debt steals more than money. It steals peace.
And the shame keeps us silent, which keeps us stuck.
So let’s start by breaking the silence.
How We Got Here: Understanding the Debt Trap
Before we can get out, we need to understand how we got in.
And no, it’s not always because of irresponsibility or poor choices. Sometimes it is. But often, it’s more complex than that.
Common Debt Triggers:
1. Life Happened
- Medical emergency
- Job loss
- Car breakdown
- Family crisis
- Unexpected funeral expenses (this is huge in South African culture)
2. The Gap Between Income and Cost of Living
- Salaries haven’t kept pace with inflation
- Load shedding increased expenses (generators, inverters, backup power)
- Fuel price hikes
- Food costs rising faster than wages
3. Lack of Financial Education
- Nobody taught us how credit actually works
- We didn’t understand compound interest
- We thought minimum payments were “managing” debt
- We believed the store credit “zero deposit, no interest” promotions without reading the fine print
4. Social Pressure
- Keeping up with appearances
- “Black tax” obligations (supporting extended family)
- Cultural expectations around weddings, funerals, celebrations
- Social media comparison making us feel we need more than we can afford
5. Entrepreneurial Investment
- Started a business with credit cards
- Invested in courses, tools, or inventory before revenue
- Believed “you have to spend money to make money” without a solid plan
Here’s what I need you to hear: Understanding how you got into debt isn’t about blame. It’s about patterns. Because you can’t change patterns you don’t recognize.
The Debt Shame Cycle (And How to Break It)
Shame is debt’s best friend. It keeps you isolated, paralyzed, and stuck.
Here’s how the cycle works:
1. You accumulate debt (for whatever reason)
↓
2. You feel shame about it
↓
3. Shame makes you avoid looking at your finances
↓
4. Avoidance makes the debt grow
↓
5. Growing debt increases shame
↓
6. Repeat
Breaking this cycle starts with one decision: Face it.
Not because you’re going to fix it all today. But because hiding from it gives it power over you.
The Shame-Breaking Truth:
- Debt does not make you a bad person
- Debt does not mean you’re irresponsible
- Debt does not disqualify you from your calling
- Debt does not mean God is disappointed in you
- Debt is a financial problem, not a character flaw
“There is now no condemnation for those who are in Christ Jesus.” — Romans 8:1
If God isn’t condemning you, why are you condemning yourself?
Step 1: Face Your Debt (The Honest Assessment)
You can’t manage what you won’t measure.
So we’re going to do the hardest part first: We’re going to look at everything.
The Total Debt Inventory
Get a notebook (or open a spreadsheet). Make yourself some tea. Take a deep breath. And list every single debt.
For each debt, write down:
- Who you owe (bank, store, person, etc.)
- Original amount borrowed
- Current balance owed
- Interest rate (this is critical)
- Minimum payment required monthly
- Total you’ve already paid (if you know it)
Include everything:
- Credit cards
- Store accounts
- Personal loans
- Car finance
- Student loans
- Overdraft
- Loans from family/friends
- Lay-bys or payment plans
- Payday loans
- Mashonisa/informal loans
Don’t leave anything out. The whole truth, even if it hurts to see.
Calculate Your Totals:
- Total debt: R___________
- Total minimum payments per month: R___________
- Percentage of income going to debt: _______%
Now breathe.
Seeing the number might feel overwhelming. That’s okay. You’re not fixing it today. You’re just seeing it clearly for the first time, maybe ever.
This is courage, not failure.
Step 2: Stop the Bleeding (Prevent New Debt)
Before you can pay off debt, you have to stop creating new debt.
I know this sounds obvious, but it’s the step most people skip. They start aggressively paying down credit cards while still using them. That’s like bailing water out of a boat with a hole in the bottom.
Immediate Actions:
1. Freeze Your Credit Cards Literally. Put them in a container of water and freeze them. (Yes, really.) This creates a barrier between you and impulse spending. If you want to use it, you have to wait for it to thaw—giving you time to reconsider.
2. Remove Saved Payment Methods Delete saved credit cards from:
- Online shopping sites
- Food delivery apps
- Uber/Bolt
- Anywhere with one-click purchasing
3. Unsubscribe from Marketing Emails Every “SALE!” email is designed to make you spend. Unsubscribe from retailers, especially those where you tend to overspend.
4. Set Up Account Alerts Get notified every time money leaves your account. Awareness prevents mindless spending.
5. Use Cash for Discretionary Spending For groceries, entertainment, personal care—withdraw the budgeted amount in cash. When it’s gone, it’s gone. Cash is tangible. Card spending is abstract.
6. Tell Someone Choose one trusted person and say, “I’m working on getting out of debt. Please hold me accountable to not taking on new debt.” Secrecy enables bad decisions.
Step 3: Choose Your Debt Payoff Strategy
There are two main approaches to paying off debt. Both work. Choose the one that fits your personality.
Strategy 1: Debt Snowball Method
How it works: Pay off debts from smallest to largest balance, regardless of interest rate.
Why it works: Quick wins create momentum. Paying off that first small debt feels like victory and motivates you to keep going.
Best for: People who need psychological wins to stay motivated.
Example:
- Debt 1: R800 (store account) ← Pay this first
- Debt 2: R2,500 (personal loan)
- Debt 3: R8,000 (credit card)
- Debt 4: R45,000 (car finance)
Pay minimums on everything except Debt 1. Attack Debt 1 with every extra rand you can find. When it’s paid off, take that payment and add it to Debt 2’s payment. Roll it like a snowball.
Strategy 2: Debt Avalanche Method
How it works: Pay off debts from highest to lowest interest rate, regardless of balance.
Why it works: Mathematically optimal. You pay less interest overall, freeing up money faster.
Best for: People motivated by logic and efficiency over emotional wins.
Example:
- Debt 1: Credit card at 22% interest ← Pay this first
- Debt 2: Personal loan at 18% interest
- Debt 3: Store account at 12% interest
- Debt 4: Car finance at 10% interest
Attack the highest interest debt first, regardless of balance.
My Recommendation:
If debt feels overwhelming and you need hope, use Snowball. That first paid-off account will give you the emotional fuel to keep going.
If you’re analytical and motivated by efficiency, use Avalanche. You’ll save more money long-term.
There’s no wrong choice. The only wrong choice is doing nothing.
Step 4: Find Extra Money to Attack Debt
Paying minimums keeps you in debt forever (that’s how it’s designed). To make real progress, you need to find extra money.
Where to Find Extra Debt Payment Money:
1. Sell What You Don’t Need
- Clothes you haven’t worn in a year
- Old electronics
- Furniture taking up space
- That gym equipment collecting dust
List on Facebook Marketplace, Gumtree, or local buy-and-sell groups. Every R500 you raise goes straight to debt.
2. Cut One Luxury Temporarily Not forever. Just while you’re in debt-attack mode.
- DSTV (downgrade or cancel, use free options)
- Eating out/takeaways (cook at home)
- Expensive gym membership (workout at home)
- Multiple streaming services (pick one)
3. Negotiate Your Bills Call your:
- Medical aid (can you move to a cheaper option?)
- Cell phone provider (can you reduce your package?)
- Insurance (can you increase excess to lower premiums?)
- Credit providers (can they reduce interest or extend terms?)
You’d be surprised what you can negotiate when you ask.
4. Side Hustle Specifically for Debt Every rand from a side gig goes straight to debt. This is temporary, focused income:
- Freelance your skill
- Weekend market stall
- Tutoring
- Admin support for small businesses
- Uber/Bolt driving
5. Redirect “Found Money” Tax refunds, bonuses, rebates, gifts—all go to debt. This isn’t “fun money.” It’s freedom money.
Even an extra R500/month makes a difference.
On a R10,000 credit card debt at 20% interest:
- Minimum payment only: Takes 14+ years, costs R14,000+ in interest
- Minimum + R500 extra: Takes 2 years, costs R2,500 in interest
Extra payments literally buy your freedom faster.
Step 5: Create a Realistic Repayment Timeline
Let’s be honest about how long this will take.
Calculate Your Debt-Free Date:
Use a free debt calculator online (search “debt payoff calculator”) and input:
- Your total debt
- Interest rates
- How much extra you can pay monthly
This will show you:
- How long until you’re debt-free
- How much total interest you’ll pay
- What happens if you pay extra
Seeing a date makes it real.
“I’ll be debt-free by December 2027” is way more motivating than “I’m just trying to pay off debt.”
Break It Into Milestones:
Don’t just focus on the final goal. Create mini-celebrations:
- Pay off first debt
- Reach 25% debt-free
- Halfway point
- Pay off last high-interest debt
- Final countdown (last R10,000)
Track progress visually. Use a chart, thermometer, or checklist. Physical progress you can see keeps you motivated.
Step 6: Protect Your Progress
Paying off debt is hard. Staying out of debt requires different skills.
Build These Habits While Paying Off Debt:
1. Emergency Fund (Start Small) Even while attacking debt, save R50-R100/month in a separate emergency account. When something unexpected happens (and it will), you won’t reach for credit.
Target: R1,000 initial emergency fund while paying debt. Once debt-free, build to 3-6 months expenses.
2. Budget Every Month Know where every rand is going before the month starts. A budget isn’t restriction—it’s permission to spend intentionally.
3. Practice Delayed Gratification When you want something, wait 48 hours. If you still want it and it fits your budget, buy it. This kills impulse purchases.
4. Separate Wants from Needs Need: Groceries, rent, electricity Want: New shoes, eating out, latest phone
Wants aren’t bad. But while in debt, needs get priority.
5. Celebrate Non-Financial Wins You don’t need to spend money to celebrate. Find free joy:
- Picnic in the park
- Game night at home
- Free community events
- Beach/hiking
- Library books
Debt freedom isn’t about deprivation. It’s about intentionality.
The South African Debt Reality
Let’s talk about what makes debt management uniquely challenging here:
1. Economic Instability
Rand fluctuations, interest rate hikes, inflation—these aren’t in your control, but they impact your debt. Build bigger buffers than you think you need.
2. “Black Tax” Obligations
Supporting extended family is cultural and beautiful. But you can’t pour from an empty cup. It’s okay to say:
- “I’m working on paying off debt right now, so I can only contribute R___”
- “I can help with [specific thing] but not financially right now”
- “Let me get financially stable so I can help more sustainably”
Helping others doesn’t require drowning yourself.
3. Informal Debt
Mashonisa and informal loans often charge exorbitant interest (100-300% annually). These are predatory and trap you.
If you have informal high-interest debt:
- Prioritize paying it first (it’s financial quicksand)
- Consider consolidating with a formal lower-interest loan if possible
- Never take out another one
4. Debt Collectors
South African debt collection can be aggressive and sometimes borderline illegal.
Know your rights:
- They cannot harass you at work
- They cannot threaten you
- They cannot contact you at unreasonable hours
- You have the right to dispute incorrect debts
If harassed, contact the National Credit Regulator (NCR).
When Debt Feels Impossible: Next-Level Options
Sometimes your debt is so overwhelming that standard strategies won’t work. Here are other options:
1. Debt Counselling (Debt Review)
What it is: A legal process where a debt counsellor negotiates with creditors to reduce payments and interest.
Pros:
- Legal protection from creditors
- Lower monthly payments
- One consolidated payment
- Interest rates reduced
Cons:
- Stays on your credit record until complete
- Can’t take on new credit during process
- Not all debts qualify
- Costs involved (fees)
When to consider: If your debt payments exceed 40% of your income and you’re falling behind.
2. Debt Consolidation Loan
What it is: One new loan that pays off all your debts, leaving you with one payment.
Pros:
- Simpler (one payment vs many)
- Potentially lower interest rate
- Fixed payment schedule
Cons:
- Only works if new interest rate is lower
- Requires good credit to qualify
- Risk of accumulating more debt if habits don’t change
When to consider: If you have multiple high-interest debts and qualify for a lower-rate consolidation loan.
3. Negotiate Settlements
If debt is very old or you’re in severe hardship, some creditors will accept a lump sum settlement for less than you owe.
Example: You owe R20,000. You offer R10,000 cash to settle. They might accept to close the account.
Cons: Damages credit score temporarily. Only works if you have lump sum available.
Breaking Free: Your 30-Day Debt Action Plan
Week 1: Awareness ☐ List every debt (amount, interest rate, minimum payment) ☐ Calculate total debt and monthly minimum payments ☐ Identify how you got into debt (patterns to break) ☐ Choose Snowball or Avalanche method ☐ Tell one trusted person you’re tackling debt
Week 2: Stop the Bleeding ☐ Freeze credit cards or cut them up ☐ Remove saved payment info from online stores ☐ Unsubscribe from marketing emails ☐ Set up account alerts ☐ Withdraw cash for discretionary spending
Week 3: Find Extra Money ☐ List 10 items to sell ☐ Identify one expense to cut temporarily ☐ Call to negotiate one bill ☐ Brainstorm one side hustle option ☐ Commit to redirecting next “found money” to debt
Week 4: Create Your Plan ☐ Use debt calculator to find debt-free date ☐ Create milestone celebrations ☐ Set up visual progress tracker ☐ Start R50-R100 emergency fund ☐ Make first extra debt payment
The Freedom on the Other Side
I wish I could tell you paying off debt is easy. It’s not.
It requires sacrifice. Discipline. Saying no when others say yes. Working when you’re tired. Facing the shame and doing it anyway.
But here’s what I can tell you:
The weight you’re carrying? It gets lighter.
That anxiety at 3 AM? It fades.
The freedom to make choices based on what’s right, not what you can afford? That comes.
The peace of knowing you’re not hiding anymore? It’s real.
Debt-free isn’t just a financial state. It’s a spiritual, emotional, mental, and relational freedom.
And sister, you deserve that freedom.
“The rich rule over the poor, and the borrower is slave to the lender.” — Proverbs 22:7
You were not created to be a slave. Not to debt. Not to shame. Not to secrecy.
You were created for freedom.
So let’s get free. Together.
Ready for personalized debt freedom support? I offer discovery sessions where we create your custom debt payoff plan, tailored to your specific situation. Book here and let’s break this cycle together.
Want the debt management tools? Download the free Vision to Action Workbook here which includes budgeting templates and goal-setting frameworks.
Blessings & Freedom,
Nomzamo Mqamkana
Elevate Finance Partners
admin@elevatefinancepartners.online
https://elevatefinancepartners.online/
P.S. You’re not alone in this. Thousands of South African women are carrying this same weight in silence. Let’s break the silence together. What’s one step you’re committing to this week? Share in the comments—your courage might be exactly what someone else needs to see.
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