Are You Drowning in Lifestyle Debt?

Are You Drowning in Lifestyle Debt?

Are You Drowning in Lifestyle Debt?

The National Credit Regulator (NCR) states that more than 17 million South African consumers are in arrears with their debt obligations (September 2009). This equates to almost 40% of the country who are in need of debt counseling. However, only about 105 000 over-indebted consumers have registered for the debt review process, which could mean that most people don't know about debt counseling as an option or they are too proud to admit that they are in financial distress.

The rising living costs have increased the economic crisis in our country. Consumers who, in better financial circumstances, overexposed themselves to credit, can no longer afford their debt or provide for their families properly. They now find themselves in a hopeless situation, negatively impacting the whole family unit and even communities. This may lead to increased instances of family violence, depression and substance abuse. In the workplace it leads to a lack of productivity and absenteeism. Often this situation is amplified by harsh and aggressive credit providers who constantly make telephonic threats of legal action and repossession of car and home.

When a car and home is repossessed and sold at an auction, it generally sells for much less than the outstanding balance, leaving the consumer liable for the outstanding payments, but without a car and home. However, if you apply for debt review before receiving a summons and judgment against you, your assets will be legally protected. While registered for debt counseling these creditors cannot institute any legal proceedings against you. You are even free to sell your assets at market value, as opposed to it being sold at an execution sale (auction).

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