A good credit score isn't on young people's minds ... but it should be: economist

21 October 2021 - 07:00

Gareth Levinsohn, chief commercial officer of Shapiro Shaik Defries and Associates, urges youngsters to build and maintain good credit records.When this year's matric students finish their exams, a good credit record will probably be the last thing on the minds — but it should not be. Gareth Levinsohn, the chief commercial officer of Shapiro Shaik Defries and Associates, says is it crucial for youngsters to take care of their financial health from an early age.

Levinsohn said it will be difficult for matriculants to buy assets on credit when they land their first jobs if they do not have a credit record — or if it is not good. He said it could take up to 18 months to build up a meaningful credit record. “As a rule of thumb, get started with a very manageable, interest-free credit facility that you can easily afford, and instead of paying cash, buy something using this facility. Make sure that you make all your instalment repayments on time, every month, and pay the minimum required amount — or more — each time. A cellphone contract or retail store account are good options.

My encounter with Geoffreypreud actually change my life and for that I'll keep upgrading people for his good job thanks once again Geoffrey

What financial health with 74% unemployment rate…kanimeni kancane…

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