Half of South Africans fighting off debt tide
According to the National Credit Regulator (NCR) almost 50% of South Africans are struggling to pay their monthly credit bills, while the high cost of living – particularly following steadily increased electricity and petrol prices – are only adding to the national problem.
And the stress of having to meet these steep monthly repayments sees many turning to shifty loan agencies – which aggravates the problem, as the repayment interest is high, while no structured debt counseling services are offered.
Anba ‘Paddy’ Padayachee of Money and Legal Matters, says the solution that seams easiest is not always the wisest option.
‘Those who are struggling under the burden on high monthly debt often become desperate, and this makes them extremely vulnerable to bad financial decisions as they seek a ‘quick fix’ solution,’ he explains.
‘The correct steps to take when you are in this situation is to seek out reputable, structured and professional advice. Debt is not final – it is a situation that, with the correct advice, can be solved in as little as eighteen months.’