For most people it is easier to continue taking on more and more debt than to actually figure out a successful way to reduce their debt and live debt free. It’s a fact, that getting out of debt requires making changes and we all hate change.But what if this downward spiral into more and more debt cannot be sustained? What if your creditors are no longer willing to lend you more money? Or what if you are tired of living enslaved to debt? Is now the time to act?


To procrastinate means to delay or put off doing something for a later time. Many people are masters at this. Weeks, then months and even years can go by without actually doing something that really needs to be done.When dealing with debt, each month that goes by results in more fees, more interest and more stress. While it may seem that delaying making a decision about your debt gives you time to make some plans, ask yourself:

  • Have you?
  • Have you followed through on those plans?
  • Are they working?
  • Is your debt going down or are you simply delaying dealing with it?

Stop delaying your decision and start your journey out of debt now.


If you have been thinking about making a move to try resolve your debt situation then, the sooner you begin the better. If you have already tried to cut some expenses and maybe even take on more work to try earn more but your debt is still out of control, then it might be time to talk to an outsider. Rather than turn to your cousin who runs his own business (and probably has a mountain of debt too) talk to a trained professional! Professionals like Debt Counsellors have experience in helping consumers adjust their spending habits as well as looking at the debts owed to different credit providers. They can check that your contracts with credit providers are legal and how much you still owe.  Many Debt Counsellors will simply offer free advise without asking for any commitment (make it clear you are looking for advice and not ready yet to sign an application). If you are looking for a way to realistically and sustainably cover your monthly running costs but still pay down your debt then, why not consider the debt review process?


The National Credit Act (and pending amendments that were recently signed into law) makes it possible for consumers who enter debt review to pay back less money each month, with lower interest rates and often no fees – especially where the credit providers come to the party. This means that debt review not only makes it possible for consumers to realistically cover their monthly costs but even benefits them long term. Why? Because without all those extra costs and fees your monthly debt repayments reduce your balances straight away. Lower interest rates (sometimes even no interest charges at all) also mean that your debts can be settled faster.  Rather than start legal action against consumers and then offer settlement deals through collections attorneys, the banks often very kindly offer debt review clients massive discounts and do not charge many of the normal fees.


You may have heard that there is a new debt relief measure coming through the government called debt intervention. It will be for people who have an income of less than R7500 and less than R50 000 total debt. So, should you wait for this to begin before looking for help? Government currently has to tighten its belt and spend less as it tries to save the economy so it is unclear if the National Credit Regulator will receive the extra +- R450 Million that this project requires to run for the first 8 – 12 months (and more each year afterwards as it potentially grows). It is also unclear how many people will receive help through this process (which is basically debt review). There has been some talk of as few as only 40 000 people getting help in a year, starting perhaps in 2021, which is a fraction of the number of hundreds of thousands of consumers who will apply each week. Constitutional issues might also delay the implementation of the process. Since debt review already is available now and it works for debt of all sizes, it seems like a bad idea to wait for this project to perhaps begin or not. When looking for debt solutions, sooner is better.


If you have been struggling to sort out your debt situation and have not been successful yet then now is the time to go talk to a professional who can give you a fresh perspective. They may advise you to change the way you are spending your money, it may involve looking at options like sequestration or debt review. Professional Debt Counsellors have a lot of experience in settling debt. They know things that most consumers do not, options you may never have heard of ever. Some people start each year with new plans and resolutions. A common goal is to get out of debt. That will never happen if you never actually take some action to reach that goal. If you want to get a handle on your debt in 2020 then now is the time to talk to a Debt Counsellor and get advice.Reference:

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