How to handle prescribed debt

How to handle prescribed debt

The pressures of life these days often leave many people in a financial bind. Many people rely on some form of credit to get through challenging months. Others are forced to turn to credit in the event of unexpected expenses such as an emergency medical bill. Being able to be dedicated to sticking to a plan to steadily pay the debt off is a task that some people are not able to commit to. This may result in them being unable to pay their debt off for an extended period of time. In other cases, companies may close down, meaning that their debt collections are suspended for a long period of time.
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Car Finance for blacklisted individuals

Car Finance for blacklisted individuals

Having bad credit can make it almost impossible to acquire any kind of loan. Buying a house or car on credit can become nearly impossible when you are blacklisted.

Becoming blacklisted may be a result of poor financial decisions or unfortunate financial circumstances due to sudden changes in financial circumstances. A bad credit record means that you will be regarded as a financial risk to most lending institutions.

Given the increase in the number of people who have become blacklisted in recent years, more lending institutions have created facilities designed to tap into this market. There are numerous companies that have spotted a gap in the market who now provide a much-needed service to blacklisted people.

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Causes of debt in South Africa

Causes of debt in South Africa

Reasons we fall into debt

Financial pitfalls occur occasionally, leading some people to fall into debt.  This can be frightening and should ideally be avoided. Causes are diverse – they may be social, historical or emotional. It may be helpful to know some of the reasons you fall into the debt trap. This way you can be aware of potential mistakes.

Here are a few common reasons we fall into debt:

Reduced income while expenses remain the same:
Changes in lifestyle or the economy may mean that we have lower income, while expenses stay the same. This may lead to a reliance on credit.
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Ways of overcoming financial debt

Ways of overcoming financial debt

Having financial debt is a situation in which people don’t like to find themselves in. Being in debt doesn’t have to mean that the situation can’t be overcome. There are numerous strategies for overcoming financial debt. It’s important to make decisions that won’t hurt you any further financially.

Debt Counselling:

There is a wide array of debt counsellors available to help you manage your finances more effectively. These professionals are trained to help over-indebted individuals in clearing their debt. Debt counsellors will communicate with your creditors on your behalf to negotiate lower instalments. They will also conduct a full inquiry into your financial situation and make recommendations to your creditors and the courts if necessary.
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