It can be easy to fall into the trap of not wanting to deal with your debt. Consumer Investigator Rachel DePompa speaks with Leslie Tayne about why you shouldn’t ignore your debt.

As financial stress increases, South Africans are turning to debt counsellors. Unfortunately, this opens them to scams. Bogus debt counsellors are luring vulnerable consumers into debt review by offering them quick solutions. #eNCA #DStv403 #QuestionThinkAct

A new report from NerdWallet revealed that one-third of Americans believe they will be in credit card debt indefinitely. NerdWallet Credit Card Expert and Writer Sara Rathner joins Yahoo Finance Live to discuss the steady rise in household debt.
Rathner notes that credit card balances have climbed 16% over the past year while interest rates have spiked an average of 22%. “Incomes are just not keeping up with the cost of goods,” she says, with the cost of consumer goods up 20% even as incomes rose only 12%. This widening gap leaves many Americans vulnerable to accumulating credit card debt they cannot easily pay off.
“A lot of times credit card debt is imagined as the result of frivolous spending,” Rathner tells Yahoo Finance, continuing: “but, we’ve actually found that many Americans take on debt just trying to afford the necessities.”
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The National Consumer Commission says it has received a number of complaints from consumers who have been placed under debt review without their consent.

The National Consumer Regulator has called on consumers to do their homework before agreeing to undertake a debt review to ensure they know what they are getting themselves into.

Debt counsellors who do not abide by the law run the risk of incurring legal costs to remove consumers from the debt review process.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.

Debt management company, Debt Buster says consumers are battling to make ends meet and are resorting to loans to supplement their income.
It released the 4th quarter debt index for the year 2022 which showed that consumers are now facing up to their debt. The report also shows that consumers spend about 63% of their income on service debt.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.

The National Credit regulator has welcomed the latest judgment handed down by the National Consumer Tribunal against MSR Financial solutions. The investigation revealed that the entity was acting in a manner that contravened the National Credit Act. The Tribunal imposed an administrative fine on the company for offering debt counseling services without the necessary approval.

For more news, visit sabcnews.com and also #SABCNews on all Social Media platforms.

Many consumers have been trapped under debt review after being made to participate in the process without their knowledge. These consumers were made to believe that they were taking part in a debt consolidation process by some unscrupulous debt counsellors. Ensuring that the debt counsellor is registered and follows the process governed by the National Credit Regulator will help protect consumers against unscrupulous debt counsellors.

For more news, visit sabcnews.com and also #SABCNews on all Social Media platforms.

DebtBusters, one of South Africa’s most prestigious debt management companies, helps’ consumers to solve debt problems by offering debt consolidation and other quality debt management services. Through DebtBusters sister company BondBusters, debt consolidation is a debt solution provided to meet your individual needs. The process involves taking all your debts and consolidating them into one large debt amount. Debt consolidation reduces the hassle of having to pay off various debt accounts of a monthly basis, and provides the convenience of only having to make one monthly debt repayment.

Most commonly, debt consolidation involves taking an additional homeloan in order to secure a lower interest rate. At DebtBusters, we have the client’s best interest at heart, and also offer unsecured debt consolidation as another option. DebtBusters financial consultants will make sure you are able to choose from a variety of credit providers, in order for you to get the best possible debt consolidation solution to meet your needs.

DebtBusters have helped many families and individuals escape the debt trap through the quality debt counselling and debt consolidation solutions. DebtBusters primary aim is to enable South African consumers to gain a second chance to build a brighter future and eventually contribute to the economic growth of South African countries.

In order for DebtBusters to help these South African consumers gain a better financial position, they will advise debt consolidation or more likely, the debt solution debt counselling, as it more beneficial to the consumer. DebtBusters will conduct a full analysis of your financial situation, draw up a monthly budget and find ways in which you can save money and pay off your debt faster. A new debt repayment plan will be structured, consisting of extended debt repayment terms and reduced interest rates. DebtBusters has mandates with 95% of credit providers and will provide the best debt solution for you.

Visit DebtBusters website today www.debtbusters.co.za to find out more about our debt consolidation options or to speak to one of our friendly financial consultants. From debt counselling to debt consolidation, DebtBusters will pick the right debt solution for your particular financial needs.

The National Consumer Regulator says it has received complaints from consumers who have been placed under debt review without their knowledge.
And it has blamed this on false advertising on the part of debt counsellors and credit providers.
The NCR has called on consumers to know what they are getting themselves into when applying for debt consolidation and restructuring.

For more news, visit sabcnews.com and also #SABCNews #Coronavirus #COVID19News #Covid-19Vaccination #Vaccine on Social Media.

The number of South African consumers seeking help to manage debt soared in the first quarter with enquiries at South Africa’s largest debt counsellor up 31% compared to the same period in 2020; that’s according to DebtBusters.

Benay Sager, head of DebtBusters joins me now

For more news, visit sabcnews.com and also #SABCNews #Coronavirus #COVID19News on Social Media.