subject: Help With Debt Is Available [print this page] Help With Debt Is Available
In the stress of unmanageable financial strain, there is help with debt. Research has shown that in 2009 the estimated number of over-indebted consumers in our country exceeded 150,000. Many South Africans have felt the pressure of a limited income and expenses that far exceed it.
The solution that is on offer, and accepted by so many, is that of credit. While credit can be a very helpful tool if it is managed responsibly, the reality is that most people find their debt spiralling out of control. Instead of being a helpful tool.
Too often consumers then dig the hole deeper by going further into debt to pay off other debts. Doing this only compounds the problem to the point where you simply cannot cope with all your financial obligations.
The important point to understand is that no one is unsympathetic to your struggle. When you ask for help with debt from a debt counsellor you will find a sympathetic and understanding willingness to help you balance your debt so that you can balance your life.
Everyone knows what the financial pinch feels like. Qualified counsellors add their professional expertise and experience to give you a solution that will provide relief in the short term and sustainable financial stability in the long term.
Our human reaction to stress can often be to ignore the problem until it reaches critical point and it forces us to deal with it. Taking a more responsible approach and asking for help with debt will prove to be the easier road to travel, even if your stress prompts you to think otherwise.
Under the National Credit Act 34 of 2005 a registered debt counsellor will help you avoid any legal action while your debt is being restructured and negotiated with your creditors.
The counsellor will assist you in drawing up a budget based upon your income and monthly living expenses such as rent, food, petrol and transport, school fees, insurances and so on. They will then take your remaining income and portion it out to pay off your debt.
When what you can realistically afford as monthly repayments has been established, the counsellor will draw up a restructured payment plan and negotiate it with your creditors. In doing this you will find that your debt burden can be lifted and you can work towards regained financial stability.
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