The biggest mistake you can do is to leave applying for debt counseling for too late.
Financial trouble is often indicative of the following symptoms:
You always have more month left than money - consistently asking for advances on your salary.
You cannot go to work at month end - cannot afford transport costs.
You always seem pre-occupied and accident prone at work - constant stress about debt and those final notices and legal action keep your mind drifting to that one day when everything will come tumbling down.
You suffer from ulcers and other stress-related illnesses - constant worries and sleepless nights will ultimately affect your overall health.
Serious debt is not always caused by overspending, but rapid rises in interest rates can quickly outpace salary increases. Accumulative debt can also be due to:
Serious illness or even death
Sudden job retrenchment
Business going bankrupt
Expensive medical bills only partially paid by your medical aid
Unexpected car and/or house repairs
Burglaries of either your house or car
Escalating school fees and utility bills
DO NOT...
Ignore letters from creditors requesting urgent payment. At least call them to explain your current financial situation.
Do absolutely nothing and hope it will all just disappear forever. Talk to your bank's financial advisor and get in contact with a debt counselor as soon as possible.
Neglect to pay any outstanding debts; even if you are only paying just one account. It will indicate your willingness to eradicate your debts once thedebt review process commences.
If you can identify with struggling to pay your debts, do not hesitate to contact a debt counselor today. It will put you back on the road to a stress-free life, and you deserve it!