Identifying the need to get debt help is one of the first steps to improving your financial situation. If you are struggling to keep up with your debt repayments, there are various places to get debt help.
When you need to get debt help:
- If your expenses exceed your income
- You borrow money from family and friends to pay your bills
- You repeatedly reach your maximum credit limits
- You often struggle to make minimum payments
What to do:
As soon as you realise that you may not be able to pay on time, make sure that you contact your credit providers.
Do your best to save money by closing unnecessary accounts.
Prioritise how you pay your debt off. It’s always better to pay the debts with the highest interest rates off first.
Track your expenses and stick to a budget.
Use any extra money you have to pay your debts off.
If you can’t keep up with repayments, contact debt counsellors. Debt counsellors will conduct independent enquiries into consumers’ financial circumstances and make recommendations to the courts concerning debt restructuring and suspension of reckless credit agreements.
They will help you get control of your finances and may help you protect your assets from repossession by credit providers.
Debt consolidation companies may provide debt help for you by adding all your debt into a single account. They may negotiate with your creditors to get you to pay a lower amount of interest. These companies will come up with a more manageable solution to making debt payments.
Dent management companies will organise an agreed repayment with your credit providers and give you tips on how to review your budget.
Debt remedy will involve the development of a plan to improve your credit record, as well as the removal of bad judgements and credit records.
Debt settlement provided debt help through negotiation with your creditors to help you settle more debt faster.
