As scary as debt can be, the prospect of life after debt counselling can be just as terrifying. Having to rebuild a new credit name, and live without trying to incur debt is challenging. However there are some easy steps a consumer can follow to ensure that debt does not become a problem again.
Consumers are advised against incurring new debts immediately, and should rather focus on savings and investments that will grow their money. Many institutions are wary of granting credit to anyone who has been under debt review – that is an advantage. Always be honest when applying for any credit, as it will show up on their check. If a creditor says no, accept that you are not ready for any debt yet. A consumer will also be credit blacklisted for five years following debt counselling, however with all the money freed up by paying off their debts, no more credit should be needed.
Emerging from a debt crisis without any stress is also liberating, take some time to enjoy the fact that you have put your debt behind you and in few years you’ll be back on your feet with the skill set to handle debt more effectively.
Article written by: Andrea van Tonder 02-2013