Tips to Reduce Your Debt

1. Develop a budget to track your expenses.
2. Don’t take on more debt.
3. Pay your bills in full and on time.
4. Check your bills carefully.
5. Pay off your high-interest debts first.
6. Reduce the number of credit cards you have.
7. Look for the best interest rates when consolidating your debts.

How much can you negotiate with debt settlement?

NerdWallet reports that you should generally expect to be able to settle with an offer of 40 to 50 percent of the balance, so that is probably a good goal to have in mind. Some creditors may be open to a settlement payment plan instead of a lump sum.

Who is consumer debt help in South Africa?

Consumer Debt Help is a South African based company that is accredited by the debt counselling agency, comprising a professional group of counsellors. We offer effective debt solutions geared towards assisting South Africans who face financial difficulties and debt pressure each and every month.

Can a debt counsellor promise 60% savings?

The National Credit Regulator (NCR) has run public awareness campaigns advising consumers to beware of the “savings of up to 60%” lure. Debt counselling is not a savings plan, and no debt counsellor can promise to reduce your instalments to creditors by 60%, the regulator has warned.

How does debt counselling help with debt consolidation?

After a consultant reviews your debt and budget with you, we inform your creditors that you are undergoing debt review. We negotiate with your creditors to reduce your interest rates and monthly payments. 2. You make one single monthly payment

What are the criteria for debt relief in South Africa?

Debt relief is a mechanism introduced in the latest amendment to the National Credit Act. It is intended to help over-indebted consumers who earn less than R7,500 a month and have unsecured debt of no more than R50,000. Even if you meet the criteria to apply for debt relief, the commencement date has yet to be announced.