Getting credit is easy, but repaying your debt can be very difficult. Believe it or not, statistics indicate that approximately 7.3 million South Africans are in the same position as you are.

If you find yourself struggling to survive every month because you are drowning in debt, you are most likely over-indebted.

Are you spending all your money trying to repay your debt, but it feels like you are getting nowhere? Do you have to take out loans to keep other creditors off your back? Are you worried that creditors will cease your possessions? Do you barely have any of your salary left to cover your living expenses after you have paid your creditors?

Due to the economic turmoil the entire world has experienced over the last few years, many people have lost their jobs or didn’t receive proper salary increases. For a lot of people, the only way to survive was to create debt.
When you are over-indebted, it can cause major financial stress in your life.

Are there solutions for over-indebtedness?

• Don’t ignore your debt problems – it isn’t going away. Take action!
• Know your financial status – how much money do you make and what can you actually afford?
• Apply for debt counselling to receive professional financial advice. A debt counsellor can help you negotiate with your debtors.
• Avoid accumulating any further debt
• Change your lifestyle. Stop spending money on luxury items and start comparing prices of essential items.
• Downgrade where you can. If you drive a luxury vehicle, rather trade it for a cheaper one.

Remember, there is life after debt. Try to stay positive and make a genuine effort to reduce your financial stress. 

For debt counselling you can visit the NCR’s website.