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The National Credit Act formally introduced Debt Counsellors to assist over-indebted consumers. The goal of Debt Counselling is to develop a repayment plan, which is affordable to you as well as acceptable to all your Credit Providers.
Visit our website for more info: https://debtrescue.co.za/debt-counselling-process/
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Learn more & apply here.. https://ndrc.org.za/debt-review-removal/
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It’s that time of year when we all make promises to ourselves about getting out of credit card debt. It’s time to take yourself seriously. Credit Cards are instruments of modern financial slavery and the sad truth is most of us do this to ourselves. Nobody forces us to rack up credit card debt. We usually justify it to ourselves but saying “I deserve this” or something like that. But the truth is the things we put on the credit card rarely buy us any happiness and serve only to force us into working for someone else’s benefit. So it’s time to make 2022 that year that you finally took yourself seriously enough to control your spending and free yourself from the slavery of credit card debt. You can slow the bleeding by getting yourself a new card that offers 0% interest on balance transfers for 12-18 months and no balance transfer fee. That buys you time. But the real work to be done is to get that spending under control!
#GetOutOfDebt #CreditCardDebt
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A recent study revealed many so-called “HENRYs,” or “high earners not rich yet” feel like they’re living paycheck to paycheck.
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If you receive voicemail or robocall from Hartman Mediation Group, watch this video to find whether it’s a scam or legit debt collector call!
Here’s an example of voicemail: “This message is solely intended for calling to inform you that as of today you’re under review regarding a complaint that has been filed against you _?_ in connection with the transaction _?_?_ previously authorized as well as your possible involvement an investigation of depth of goods and services either you or your attorney must contact the filing party today at Hartman mediation group 833-648-0031 failure to respond will result in the entering of a guilty plea on your behalf as well as the suspension of your state drivers license you have been notified thank you…”
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.
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Clear your name from Debt Review status.
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How good does debt consolidation sound? Take all your credit cards and combine them together with one easy lower interest payment. Here are some things you should know that might change your perspective on it.
Debt consolidation does not help you pay down large amounts of debt and it doesn’t get you out of debt quickly. It’s a refinanced loan that extends your payment. That means you will be in debt longer. Our view is if you’re in debt, you should be working to get out of debt as quickly as possible!
They market low-interest rates, but that doesn’t always mean it will be lower. A lot of companies market an introductory promotion of a lower rate to get people in and then raise the rate over time.
This is a big one. You are only consolidating your debt. You are not eliminating it. It’s really easy for us to view debt consolidation as the first step to us getting out of debt, but the problem is… usually nothing changes after you consolidate. You have the same buying and spending behaviors.
To eliminate debt, you don’t need to consolidate, you need a plan to start paying off your debt quickly!!!
It starts with taking control of your money. Getting eyes on where it’s going. You have to start with a budget, so you can start allocating money from areas of spending to now going towards paying down debt.
If you have multiple cards, there are two ways to attack it. First, stop using the cards. Start using cash for your expenses so the amounts don’t increase on your cards while you are trying to pay them down.
Here’s where two strategies come in: If you’re looking strictly at the numbers, you should pay all the minimum payments except for the card with the highest interest rate. Put every dollar & energy towards paying that card off first. Once paid off, put everything plus the new amount saved by eliminating a card towards the second-highest interest and continue to do this until they are all paid off.
What studies have shown is people have a higher success rate when they follow this plan, but instead of paying the highest interest rate first, you pay the lowest amount owed regardless of the interest rate. It’s encouraging and motivating to see change and the card with the lowest amount is the easiest to pay off. Going from 4 cards to 3 builds your confidence because you’re seeing it working! It’s shown that more people making to paying off all their debt with this strategy even though they might be paying a little more in interest.
Remember, it’s not a consolidation problem, it’s a behavioral one and it will only be fixed by taking control over your money!
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