3 steps to get out of debt

Cape Town - The latest quarterly reports released by the National Credit Regulator (NCR) show that South African’s are still over-burdened by personal debt issues, leaving them trapped with nowhere to turn, except to more debt, says Wendy Monkley, head of marketing at DebtBusters.

Statistics show that there are close to 24 million credit active South Africans. Ten million of them are in arrears on their accounts or are struggling to pay their monthly debt repayments.
DebtBusters has seen a major uptick in the number of consumers enquiring about and signing up for debt counselling.
 
"April has been a tough month with increases in fuel, electricity, interest rates, sin tax, food and the general cost of living.

“When we assess the debt situation of our clients prior to debt counselling, we can see that many of them need all if not more than their monthly salaries just to pay their debt repayments, leaving little or nothing for living expenses," said Monkley.