 Times are tough for everyone - except perhaps for a very small percentage of the general population. Lucky them, but for the rest of us things really are becoming more and more difficult. If you have not as yet had a phone call from a very insistent debt collector asking, no – demanding, payment on a loan or HP account or retail store account on which you have defaulted, but you are becoming more and more reluctant to answer the telephone just in case it is someone phoning from one of your creditors, just remember you are not alone and that there are avenues open to you that could see you through the seemingly endless debt spiral. There are a number of proactive steps that you can take to avoid those phone calls and letters of demand in the post. |
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 Interest rates in South Africa have steadily increased 9 times by a total 4.5% in the past 18 months and there is the realistic threat of more increases in the very near future. Petrol prices have spiralled upwards almost beyond belief, making lift-clubs and share-drives not just convenient but an absolute necessity. Adding to the overburdened consumers’ already limited, or in some cases severely strained, budget is the cost of food that is at an all time high. |
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 When applying for a loan make sure you understand how much it will cost you, including interest and fees. To do this, multiply the number of instalments you will pay by the amount of each instalment. Subtract from this total, the amount that was paid out as a loan. The difference is the total cost of taking out this debt - the fees and interest you will pay. You need to be comfortable that this cost is outweighed by the benefits of your education.
Always shop around - using the above calculation - for the lowest cost of finance. |
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Debt consolidation reduces your interest rates and monthly payments so you can get a better handle on your credit. You can finance your consolidation through any of a number of lending companies . Once your promissory note is signed, pay off your accounts and focus on one monthly payment. |
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 Every day, individuals and families are forced into bankruptcy simply because there is no other way out of their financial distress. It is important to realize that, before having to file for bankruptcy, every possible option should be explored to help avoid the single most damaging blemish that a credit report can possess.
Companies that offer debt management, also known as debt relief, provide special programs to help those eligible to repay their debts without having to file for bankruptcy. Many people assume that just because their payments are already late and their credit is already bad, bankruptcy cannot possibly hurt them. However, nothing could be further from the truth. Bankruptcy is severe and is only for those who have exhausted all other efforts. When you file for bankruptcy, your credit report will reflect the filing for up to 10 years. Whenever you apply for a credit card, a mortgage loan or even apply for a job, they will know that you filed for bankruptcy. |
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This is one of the most asked questions by those who suffer credit card debt. Is it always helpful to consolidate debt? If you are thinking of consolidating credit card debt you need to ask a few basic questions.
What is the level of debt? Has your credit card debt put you in a very risky situation financially? Do you foresee yourself settling the debt in the next three months? Do you have a reliable source of income that you can count on? Answers to these questions will help you decide whether you need to consolidate your card debt.
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