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.
- Always Act On A Letter Of Demand
- Seek Help From A Debt Counsellor
- Never Skip Your Payments
- Prioritise your house loan
- Start saving today
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.
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!
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!
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
Save some money every month
When you no longer have debts increase your monthly savings
Do a budget and stick to it!