30% more debt means more calls for debt review

Though the month of January is only half way through, debt counselling firms are reporting increased numbers of applications for help with debt review in January 2013 compared to January 2012.

This is no wonder as country wide indebtedness levels have grown. Consumers have struggled to curb spending and have rather turned to loaning money to maintain their lifestyle choices. As the “average” South African takes on more debt they bring themselves closer to financial disaster. Investec economist Annabel Bishop reports that the “average” SA household now has 31,8% more unsecured debt than a year ago.

Neil Roets, CEO of the debt counselling firm Debt Rescue says that this January there had been more than double the number of deeply indebted individuals applying  for relief through the debt review process compared to last year.

The upside of increased applications (besides more work for Debt Counsellors) is that more consumers in debt review gives more power to Debt Counsellors as well as debt review consumers. Hopefully these increased applications will eventually reflect in better attitudes by creditors.

If you find yourself overwhelmed by mounting debt, now is the time to take control and seek professional help. With the alarming rise in debt levels and more people turning to debt review, you’re not alone in this journey. At Zero Debt, we understand the challenges of managing your financial obligations and are here to support you every step of the way. Our expert debt counsellors can help you navigate through this difficult time, providing you with the necessary tools and guidance to regain financial stability. Don’t wait until it’s too late – contact us today for a free, no-obligation debt assessment. Take the first step towards a debt-free future by visiting our Contact Us page and getting in touch with one of our friendly consultants. Your path to financial freedom starts here.