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May 23rd, 2014 by


DebtProblems2 - Handle Your Debt with 7 Easy Tips About ten million adult South Africans are faced with impaired credit records from missing three or more monthly payments, negative listing, and negative judgement and administration orders against them. It’s time you solve your debt problem the right way.

1. Be honest about your problem You need to realise that your current debt situation has accumulated to a point where you need to take action. Be proactive by setting a goal to become debt free.

2. Calculate how much you owe Create a comprehensive list of all the debts you owe, how much you still owe and the interest rates involved.

3. Prioritise high interest rate debt: Create a plan for your debt repayments where you prioritise the debts with high interest rates first. Make sure you pay those off first so you can reduce the amount of interest you pay overall.

4. Plan your budget We provide a fantastic and easy to use budget planner so you know exactly what your expenses are and you can see how much money is left afterwards. Keep reviewing your financial situation and you can use this helpful budget planner to do so http://www.clickncompare.co.za/money/budget-planner.

5. Optimise your spending Make a concerted effort to put a bit of money away each month in a savings account. You can do this by cutting household costs and any extra monthly expenses you don’t need. Take a good look at where your money is going and review whether you can cut any costs.

6. Don’t get more credit You should avoid getting any more credit, you need to deal with your current debt problem before making it worse. You should only consider applying for more credit once you are completely debt free.

7. Seek help through debt counselling You can get debt counselling to help you solve your debt issues. Debt counselling was introduced by the National Credit Act in 2007 as a formal government-sanction debt management solution to help South Africans settle their debt quickly. There are costs related to this but it is a viable and helpful alternative. Go to www.ncr.org.za to find out more.

©Diane Moalem for Compare Guru