Is it Time to Retain a Debt Counsellor?
The global recession has seen rising levels of bad debt across the globe, however emerging economies have been hit especially hard. These economies very often have little or no ‘safety net’ such as socialised healthcare that may be the hallmarks of other, more advanced economies. South Africa which straddles the divide between the first and third worlds is one of these country. In South Africa, where many families live from one paycheck to the next, losing a job can have massively negative consequences. During the past twelve months this has become apparent as bad debt levels have skyrocketed. However what some people in South Africa are not aware of is that there is legislation in place which protects South Africans from the negative effects of bad debt. If you are sinking under the weight of bad debt then your first step is to retain the services of a certified debt counsellor. This debt counsellor will negotiate on your behalf with the companies and organizations that you owe money to. He or she will renegotiate payment terms including the repayment period and the amount of interest you are paying.
The debt counsellor will also assist you in balancing your income and your expenditure by identifying what the essentials are that you simply cannot do without, such as groceries and medication for anyone in the household who has a medical condition. You will also have to have the budget for education and other needs.
When you factor in the sleepless nights and uncertainty that comes with being over indebted you owe it to yourself and your family to investigate the pros and cons of retaining the services of a debt counselor. It is a right that has become reality after many years of battles between financial institutions and consumer councils, take advantage of it.
If you think that you could benefit from the advice of a debt counsellor then contact us and we’ll make sure that those sleepless nights and days full of worry become a thing of the past.
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