Lessen the debt burden

If you are battling to pay your debts, don't ignore the problem. It's important that learn all you can about your options for getting yourself out of debt and how to avoid scams that target people with financial woes.

There are several steps that consumers who are debt stressed can take to remedy their situation and lessen the burden:

- Be proactive by seeking help when there are signs of over-indebtedness;

- Do not ignore your credit providers, reduced payment is better than non-payment;

- Where possible, do not borrow, but downgrade your expenses and cut out non-essentials;

- If under debt review, you cannot apply for further credit and your credit bureau profile will display a debt review flag until a clearance certificate is issued;

- Avoid under paying whilst under debt review to avoid termination by credit providers;

- If your circumstances change, always notify your debt counsellor;

- If you cannot get hold of your debt counsellor, contact or notify the NCR immediately; and

- Take charge of your finances at all times and know how your money is distributed to credit providers on a monthly basis.

No matter what your debt situation is, there are immediate actions you can take that make you feel like you’re making progress – or at least alleviate some of the pressure of the situation. The real key, above everything else, is to take some action now, not later – right now is the best time to get started.

The NCR conducts educational workshops to assist consumers to understand their rights and responsibilities on credit. Consumers who wish to have a workshop should contact the NCR on 0860 627 627.