Get Thee to a Debt Counsellor Today!
If you’re stuck in a debt spiral like South Africa’s 11+ million indebted consumers, maybe it’s time to join the rapidly growing 14,000+ in-the-know individuals applying for debt review with a professional debt counsellor monthly in South Africa, according to DCASA.
These figures are set to increase, which is very heartening to observe, considering that 18 months ago, only 8,700 people were consulting a debt counsellor to apply for debt review per month. This rising trend in responsible consumer behaviour certainly proves that the National Credit Act and its new amendments are eliciting the desired positive change, as intended by the National Credit Regulator.
Due to the courts recently taking a hard line on reckless lending, credit providers have tightened up on their loan approval criteria and have, thus, been declining more and more applications, as well as restricting consumer access to new debt.
Furthermore, consumer finance has been burdened by electricity tariff hikes, load shedding and tax surges, having the effect of tipping already credit-impaired individuals into over-indebtedness, causing many to turn to a debt counsellor and debt review for urgent financial relief.
Mercifully, our disposable incomes are experiencing a degree of relief due to lower inflation and steady interest rates. However, this relief has not been felt by everyone, with the increase in the petrol price, public transport costs, protracted labour strikes and the high unemployment rate negating any boons.
Not to mention, the ever weakening rand prompted by pervasive loading shedding and international investors losing interest in emerging markets, in the wake of Greece’s debt crisis and, more recently, because of xenophobic attacks on foreign business owners in South Africa.
Moreover, an increase in the number of people defaulting on their arrears has been noted, but this is not expected to last as credit extension has actually shown a trend of slowing down. Even so, there really is no time like the present to get on board and head to a debt counsellor, so you aren’t left behind, stuck in the dark abyss of debt…
