The unemployment rate in South Africa has leapt by a staggering 8% since 2010 and is currently the highest it has been at 32.6%.
This means the population has never been under more financial stress than right now, as the uncertainty and debt grows.
Keeping families afloat is understandably the top priority and everyone is doing their best to make ends meet. One way to do that is to consider debt counselling, where your income and expenses are assessed and, where necessary, a negotiation is made to repay all your creditors in one payment.
There are pros and cons to this.
Most notably, the biggest pro is that the immediate financial pressure is alleviated, extra cash in your pocket to run your household and all the admin is managed externally.
Of course, this is not a decision to be taken lightly – considering that the most important “con” is that you won’t be able to apply for any other financial products for a period of up to 3 years.
If you have lost your job and struggling with mounting debt, let us help you help yourself in 4 easy steps:
Debt counsellor assessment
Placed under debt review
Your process is complete