5 Tips To Avoid and Overcome Debt Problems

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5 Tips From The NCR To Avoid and Overcome Debt Problems

As at end of December 2010 the number of consumers with impaired records stands at about 8.6 million.

To aid consumers, the National Credit Regulator has offered 5 excellent tips to avoid over indebtedness.

  1. Always Act On A Letter Of Demand
  2. When you receive a letter of demand, don’t ignore it!
    Contact your creditors and explain your situation. Remember creditors would rather receive some payments, than none at all.

  3. Seek Help From A Debt Counsellor
  4. If you cannot afford your monthly repayments, approach your credit providers and negotiate lower payments.
    Debt Counsellors help consumers to manage and restructure their debts.
    Act now, do not wait until it is too late!

  5. Never Skip Your Payments
  6. Continue making payments, even when you are under debt counselling
    Pay as much as you can prevent the debt from escalating
    If you do not pay, you could lose your house or your car!

  7. Prioritise your house loan
  8. Never skip a mortgage payment, even when you are under debt couselling
    Pay as much as you can
    Be careful – you can lose your house

  9. Start saving today
  10. Save some money every month
    When you no longer have debts increase your monthly savings
    Do a budget and stick to it!

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