Written by: JOY! Magazine
Article source: Casper le Grange
Have you bought a car, a house, furniture, clothing, or building materials on credit? Or have you taken out a loan? Are you are happily paying what you borrowed back to the credit provider? If so, then you are indebted to the bank. Even though you are indebted to the bank, you are still comfortable with your household needs, wants, and your debt payments without stressing every month about a lack of money.
Struggling to pay back debt?
To be over-indebted means that you owe money that you need to pay back, but you struggle to do so. In my 12 years of experience of getting consumers out of the debt hole, there can be many factors that contribute to their financial struggles. Some of the most common examples are consumers who find themselves with reduced household income, such as spouses losing their job. Maybe they were not properly covered for medical situations and their only way was a loan. Sometimes I find that consumers just saw how easy it was to get credit and tried to live up to this social media lifestyle or they are trying to keep up with appearances.
There are options!
Over-indebtedness does not mean that you are bound to a life of struggle and stress. There are many options available to you, as per previous articles I have shared in JOY! You just need to find the one that suits you. Unfortunately, I find that most consumers stick their heads in the sand for a bit longer than they should, and this only makes the problem grow and take longer to be sorted out.
Over-indebtedness does not mean that you are bound to a life of struggle and stress.
Pride is a hurdle
The biggest hurdle that consumers need to jump over is their own pride. Yes, you are struggling to make those monthly debt repayments – taking another loan to cover the loans you already can’t afford is not going to help. That is just putting a band aid on, it is not the solution for your future. If I can give any advice, it would be that as soon as you think you are becoming over indebted you should seek professional advice. With debt counselling / debt review, your assessment is obligation-free, it doesn’t sign you up for anything! It is simply there for you to get a professional outlook and education on what your situation is, and what you should do going forward.
Reach out to family and friends
It is also helpful to identify friends and family around you who may be going through this, sometimes they don’t know where to turn or where to start. If you can be open to listening and not judging them, you could help them more than you will ever know.
Seek help today!
Being over-indebted can cause you physical health issues, issues at work, issues in your marriage or relationship, and mental health
issues. You don’t have to live with all of this! You can get help – I would like to encourage you to give our office a call, or send a WhatsApp or email, so that we can help you find a debt-free future.
Casper Le Grange is a registered debt counsellor with the National Credit Regulator, NCRDC1560.
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