Debt is a terrifying thought for many South Africans and many of them are the helm of a sinking debt ship. But it is easy to keep that ship afloat with the right measures, and a debt free life is not far off.
In order to overcome to the stress that debt adds, the ideal is to find a way to live debt free. However that is an impossible dream for many people. Car payments, mortgages and credit cards add up and interest rates climb.
The solution? Debt counselling.
By approaching a debt counsellor, a consumer can work out a way to pay off all their debts and emerge debt free with debt clearance certificate. Debt counselling is a painless and effective means of achieving a life free of creditors and notices.
A qualified debt counsellor will sit down with a consumer and evaluate their income and expenses. By doing so they will come up with a proposal for the consumer’s creditors, and once a mutual agreement has been reached, a new payment plan will be issued. After that, the consumer need only pay the agreed upon amount every month. Once all the debts have been paid, all relevant accounts are closed and the consumer is 100% debt free.
This ensures a fresh start for anyone who has found themselves struggling with over-indebtedness and brand new debt free life with a little extra money to saved up.
Article written by: Andrea van Tonder 02-2013