Debt Services SA - when do I need a debt service provider

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When do I need a debt service provider?

Debt Services SA - when do I need a debt service provider

 

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Consumers are in a credit free fall, and with the rising cost of living and interest rates escalating they are finding it increasingly difficult to keep up with creditor demands. Many consumers are in a place where they are left exasperated at the end of the month, furiously scrambling to pay bills and find money to live on. With nearly 8 million South Africans in this predicament, it is important to know when to turn to a debt service provider and ask for help.

 

If a consumer is unable to pay all their bills based on their current monthly income and they are consistently skipping payments, or are left with no money for food or housing after deductions it is time to approach a debt service provider such as a debt counsellor. More than 300 000 South Africans have turned to debt review as a resolution for their debt problems and the number will continue to grow as South Africans realise that they need help.

 

Consumers should study their own finances and determine if they are truly over-indebted or if they should just make a few budget cuts in order to accommodate their creditors. If no more cuts are available, applying for debt review is necessary.

 

However, some consumers may be past the point where a debt service provider can assist them as they already have judgments against them. In these cases other avenues of debt relief should be explored. In order to avoid this, always have an eye on the future and pre-empt a serious debt crisis by knowing when to seek out a debt service provider.

Article written by: Andrea van Tonder 04-2013


Debt Services SA - when do I need a debt service provider

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