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Getting rid of the debt monster

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A Fin24 user asks:

My life has become a debt  nightmare, just yesterday I was preparing my so called budget and I’m ashamed of what it looks like.

With five loans (2 Capitec, 1 African bank, 1 Absa, 1 Wonga), a flat(rent, water and electricity), car payments, a Markham account, insurances and a Presles account.

I forgot a bank overdraft and a credit card.

I’m only left with R600 at the end of the month. I must admit I’m swimming in a pool of debt all of my own doing.

No one forced me to take out those debts but because I wanted an easy way out I took them and now I’m in big trouble.

How do I get out of this mess? I want to start saving for my studies, buy my own house and have financial security.

With this said I don’t even have a savings plan for rainy days and I know it is very wrong.

So far all my debts are paid up to date but this is not a way to live.

I’m desperate, please help me beat this monster called debt.

- Fin24

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