STARING DEBT IN THE FACE
According to the Debtbuster’s Debt Index for the fourth quarter 2021, more and more South Africans are turning to debt to cover their ever-increasing daily expenses, and as a result are getting into deeper and deeper financial trouble. Blame the coronavirus and the struggling economy, but also blame our irrational regard of debt as instant cash, with a total disregard for the consequences.
Well, you can use debt to finance your spending only up to a point. In the end, it will catch up with you, and the retribution is savage. High finance costs, debt collection costs, legal costs, not to mention the impairment of your credit record.
If you have reached that point, or if you want to turn the situation around before you reach it, there are a number of options open to you. You need to carefully weigh each one before deciding on a course of action. Our article on page 8 spells out what your options are and the pros and cons of each.
