Debt is becoming a big problem all around the world, with over 10 million South African who have fallen into arrears on their debt repayments. When we speak of debt tips, we give you two methods : debt consolidation and debt rescue.
In this article, we look at signs that you may soon be heading towards financial debt which requires some form of debt rescue.
If you are spending money on impulse, without having any idea of what you can actually afford, this is a really bad sign. Rather make a budget which is realistic, and stick to it!
If you are continuously using your credit cards to buy essential items such as petrol and food, then you are probably on your way to getting yourself into a debt rescue situation. This means that your expenses are more than what you earn, which is a major problem!
Although you may think that not having any savings isn’t the biggest issue, it is important to have emergency money for unforeseen costs. If you don’t have this, you will see yourself having to take out loans or use your credit card. On top of it all, you won’t be able to pay off this debt. If you want to avoid needing debt rescue, then this is not the way to go!
Nobody wants to be in the position of having to borrow money, but unfortunately this happens all too often. Borrowing money means that you have probably depleted any credit services you may have, so this is a really bad sign and won’t solve anything.
If you really have no choice but to look at debt rescue options, then it’s best you do your research find a solution that suits your needs. LikeMoney can help you weigh up your options and hopefully soon you will be in a better financial position.