DO I NEED DEBT COUNSELLING?

Answer the following questions?

• Do you often pay your bills late due to the fact that you don’t have enough money?

• Have you stopped paying some of your Debts?

• Are you making debt as an attempt to pay off other Debt?

• Are you stressed out about your financial situation?

• Do you have creditors, attorneys or collection companies contacting you regarding your Debt Obligations?

• Are you paying less than your current installments on some of your Debt because you don’t have money to pay the full installments?

• Do you spend a lot of your time thinking up plans how to pay your Debt?

• Do you avoid calls from unknown numbers fearing that it might be with regards to your debt?

• Have you received threatening notices from your creditors, or letter of demands?

If you have answered yes to any of the above questions, you have reasons to concern.

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TIPS IN BECOMING DEBT FREE

STEP 1: STOP MAKING ANYMORE DEBT!!!

You cannot even begin to think of becoming Debt Free unless you stop making any further debt.

The first step to get out of your Debt Trouble is to stop making any further Debt. Don’t be tempted to use your credit cards or enter into more loan agreements just to try and pay current debt. That is Debt Suicide.

STEP 2: MAKE A LIST OF WHAT YOU OWE CREDITORS

Gather all your latest statements and begin to make a list of all your Debt Obligations.

Begin with the largest balance first. List the minimum monthly payments required, interest rate applicable as well as the outstanding balance.

You might get the shock of your life when you see how many Credit agreements you really have, and the Total Debt Amount they all add up to.

STEP 3: REDUCE YOUR EXPENSES

Look at your budget responsibly and see which expenses can be reduced.  For example:

• Reduce your DSTV package to a lesser one.

• Consider reducing your cell phone contract to a more affordable package.  You most probably will be paying a penalty fee because of the reduced package you want to downscale too, but at the end you will save some money.

• Shop around for cheaper household and car insurance quotes with the same covering you currently have.

STEP 4: PRIORITIZE YOUR REPAYMENTS

Add the additional money created extra in step 3 to the Debt with the smallest balance. Once the smallest Debt is paid off, use the money freed up in step 3 to pay off the next Debt on your list until this one is also paid off.

This way you will not spend the money available after a debt has been paid off, but use it to pay off other debt.

You will be amazed how much interest you will save.

STEP 5: GET HELP

If any Creditors are in the process of taking legal action against you, contact our Registered Debt Counsellors for assistance.

If you are having trouble in paying all your debt every month, contact our Debt Counsellors at Debt Aid for a Free Debt Assessment to determine if we can help you via the Debt Review Process.

DON’T WAIT UNTIL IT IS TOO LATE!

Click here for a Free Financial Assessment.

5 TIPS HOW TO STAY DEBT FREE

1. Have a No Debt mentality. Be allergic to Debt. The only good excuse for making debt is to buy property. This is due to the fact that property is normally seen as a long-term investment.
2. Draw up a realistic monthly budget. Remember a budget means nothing if you don’t stick with it.
3. Build up a reserve equal to at least 3 months income for unforeseen crises circumstances ex. Loss of income.
4. Spend your money responsibly. Compare prices on the things you want to buy. Get the best deal for your money’s worth. This doesn’t necessary mean that you must be ‘El-cheap-o’ but rather ‘El-want-value-for-money’.
5. Put aside a monthly amount for savings, and begin to look out for investment opportunities. The ideal financial situation to be in is where your money is working for you, instead of you working for money.