Debt: Five Steps For Handling It In SA

Debt is a major problem for many South Africans, casting a negative shadow over their credit scores and causing sleepless nights. If you think that you may be in serious debt, here are 5 steps to handling it smartly.

Recognise the problem:

The first step is to be honest with yourself and to recognize the problem. Think carefully about your situation and put together a plan which will help you. There are many debt rescue solutions, as shown by LikeMoney, which can help you to solve the problem if you feel you need the extra guidance.

Do the calculations:

Next, you need to calculate how much you owe and to whom. Take into mind interest rates involved and prioritise high interest rate debt. This is important as it will enable you to reduce the overall amount of interest you pay.

Create a budget:

A budget is really vital when it comes to planning your spending and finances, so plan your budget wisely, ensuring that you are not over spending and that you remain in control of expenses.

Use a savings account:

Try and put away money each month into a savings account. Many people think they cannot afford to do this, but the truth is that it can be done easily by cutting household costs and other unnecessary expenses.

Steer clear of more credit:

If you are in the process of getting rid of debt, it is a bad idea to apply for any more credit. You need to first solve your current money problems before more credit comes into play.

Let LikeMoney help you:

If you feel like you need more help, you can use debt consolidation or debt counselling options to help you. With LikeMoney’s comparative platform, you can see what each company has to offer so that you can make an informed decision.

Remember, ignoring debt will only make it worse, so rather take control of the problem as soon as possible!

Summary

Article Name
Debt: Five Steps For Handling It In SA
Description
Debt is a major problem for many South Africans, casting a negative shadow over their credit scores and causing sleepless nights. If you think that you may be in serious debt, here are 5 steps to handling it smartly.
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Publisher Name
Likemoney.co.za


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