Debt Restructuring Services and Debt Counselling
In these financially stressed times you might be one of the many South African’s who are finding it difficult to meet all your monthly financial obligations to one of the many credit providers in the country, if this sounds like the situation you find yourself in, then it may be time to take steps to restructure your debt. First draw up a budget listing all your expenses from the smallest to the greatest amount. Now subtract the total amount from your total income. If you come up with a negative number, it means that you are doing something wrong and have perhaps become over-indebted. This means that you will have to look at your budget and eliminate any expenses that are not absolutely essential for day to day living. Once you have eliminated these expenses, recalculate your income vs. expenditure. If you are still in the red, you may have to find a debt counsellor who offers debt restructuring services.
A debt counsellor will be able to assist you in drawing up your budget and will be more objective in eliminating unnecessary expenditure. If these debt restructuring services still do not leave you in the black at the end of each month, the debt counsellor can employ other tactics at his or her disposal. They can contact your various creditors and negotiate on your behalf for lower interest rates or monthly repayments by extending the period of your credit agreement. They can also assist you consolidating your debt and offering it to a debt consolidation company at a lower settlement amount.
It is important to live within your means and ensure that you do not take on credit that you will not be able to repay. Make sure that you budget every month so that you will not fall into the credit trap. Also make sure that you will be able to afford the repayments should your credit providers offer to increase your credit limits on your store or credit cards.
To find out how debt restructuring services by a trained and registered debt counsellor can assist you in clearing your debt, simply contact us.