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Many South Africans are struggling with debt. With the rising costs of
living expenses many individuals have looked for some relief through having
a loan. It is, however when one cannot repay an individual loan or a number
of loans that serious problems may arise.
The first active step to becoming
debt free involves realising that there is a problem
and asking for help. This can be done by contacting a number
of highly trained and qualified
debt counsellors in the country. Debt counselling involves
being completely honest about your debt and the number
of loans you have. Only when provided
with all the information will a debt counsellor be able
to assist you properly.
Debt counsellors can assist you
to become debt free in the
following ways:
Creating a monthly budget with the help
of your counsellor
Drawing up a monthly budget will be
one of the first things your debt counsellor
will assist you with. The budget will allow you
to repay your debt and give you enough left over to pay
things that need to be paid such as groceries,
rent, travelling fees and so forth. Naturally you
may have to cut back on some luxuries, but if you are
committed to becoming debt free this
is a small price to pay.
Debt Counsellors act
as a mediator between you and your creditors
Your debt
counsellor will contact and speak to your creditors on
your behalf. Debt counsellors are also able to negotiate
better interest rates on your loans and may also have
the payment terms adjusted to suit a new repayment
schedule. Debt counsellors are also able to
provide protection against creditors that are threatening
legal action against you.
Long Term Counselling
Debt counselling is a lengthy process as it may
take a number of years for one to become debt free. If
one does not address the cause
of the debt in
the first place, one may become more susceptible
to be in debt again. Expect an on-going relationship
with your debt counsellor and remember,
they are there to help you!
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