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How to Manage Too Much Debt

Before anyone can look at how to manage too much debt, they would first have to acknowledge that they have too much debt. Sometimes that is easier said than done.

Sadly, we have been shamed into thinking that it is inappropriate to speak about our financial problems. This stops us from from finding solutions to our money woes and often is the reason we stay in the vicious spiral of debt.

Here are some tips on how to manage too much debt

  • Make the time and effort to sort out your finances.
  • Get out your contracts and your statements.
  • Make a note of all your outstanding balances, the term left on each debt, the interest rates and monthly installment amounts.

 

Only if you know exactly what your financial situation is, will you be in a position to explore debt relief options.

Best debt relief option in South Africa

Debt review, as set out in the National Credit Act (NCA) and regulated by the National Credit Regulator (NCR) is one of the best debt relief options available to those citizens who are over-indebted and do not know how to manage too much debt.

How can debt review help you better manage your finances

  • All your debt is consolidated – and you only make one monthly payment. This significantly reduces the administration and the stress related to your finances.
  • Since you are paying up to 50% less on your unsecured debt, you will have more money left for necessities like food, electricity and transport.
  • You will not have access to credit, so you will learn how to get by on what you have and the budget that you have created.

 

Avoid certain debt options that might not work for you

Going under debt review also protects you from choosing debt options that might not suit you. These could include:

  • Administration
  • Sequestration
  • High interest consolidation loans

 

Having too much debt is a problem which many South Africans are currently facing. Contact NDA today if you need assistance on how to manage your debt.

 

 

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