Debt Rescue<\/a><\/strong>.<\/p>\n\n\n\n\u201cThey are doing this through various forms of debt \u2013 credit cards, store cards, and some retailers are even giving out credit to buy groceries with.\u201d<\/p>\n\n\n\n
If people are relying on debt to pay for their day-to-day expenses, they will find themselves in a tough financial predicament.<\/p>\n\n\n\n
How to avoid bad debt<\/h2>\n\n\n\n
According to Roets, the easiest way to avoid falling into a bad debt scenario is to have a budget in place.<\/p>\n\n\n\n
This ensures you know exactly where your money is going.<\/p>\n\n\n\n
\u201cIt\u2019s concerning to see how many people don\u2019t know what is going on in their finances,\u201d said Roets.<\/p>\n\n\n\n
\u201cYou must run your own finances like you are running a business. That is why having a budget is so important.\u201d<\/p>\n\n\n\n
Having a budget also helps you determine why you are not going to make it in a specific month.<\/p>\n\n\n\n
\u201cAsk yourself: \u2018is my problem a once-off thing, like a car breaking down? Or am I living a bit too high a standard of life,\u2019\u201d said Roets.<\/p>\n\n\n\n
You can then determine whether there is a way to exit your debt situation by adjusting your spending habits, or if other actions must be taken.<\/p>\n\n\n\n
Apathy is the silent killer<\/h2>\n\n\n\n
If your debt is too much for you to handle alone, Roets\u2019 advice is to seek help early.<\/p>\n\n\n\n
Entering debt review where a registered debt counsellor can assist you to manage your finances, can be a very successful solution.<\/p>\n\n\n\n
Roets explained that in the form of the National Credit Act, South Africa arguably has the best legislation in the world to help people who are over-indebted \u2013 and he encouraged South Africans to use it.<\/p>\n\n\n\n
\u201cThe biggest mistake people make when finding themselves in difficult situations is waiting for a miracle to happen,\u201d said Roets.<\/p>\n\n\n\n
\u201cIt is far better to admit that you need help, and the earlier the better.\u201d<\/p>\n\n\n\n
Roets added that for many people, the reason they don\u2019t engage in debt review is they don\u2019t want to admit they are in a financial predicament.<\/p>\n\n\n\n
\u201cThere is nothing wrong with it \u2013 nearly half of credit-active South Africans are indebted, and by accepting help, you are being a strong and responsible adult,\u201d said Roets.<\/p>\n\n\n\n
\u201cIt is just about doing the right thing \u2013 you owe it to yourself and your family to handle your challenges head-on.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Debt Rescue founder and CEO breaks down the cost of living crisis facing consumers and why people are relying on debt to carry them through this.<\/p>\n","protected":false},"author":10,"featured_media":860501,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4771,6172,6173],"class_list":["post-860478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-debt","tag-debt-rescue","tag-neil-roets"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/860478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=860478"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/860478\/revisions"}],"predecessor-version":[{"id":860505,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/860478\/revisions\/860505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/860501"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=860478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=860478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=860478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}