Help with Debt

Stress caused by worrying about bad debts is one of the most unpleasant situations any of us can find ourselves in. If you’ve experienced any of the following your anxiety levels might be reaching serious proportions and you are probably in need of help with debt:

• Missed a bond repayment
• Missed a car payment
• Credit card balance is going up instead of down
• Borrowing from one source to pay another

If you, or someone close to you, is in this situation, don’t despair – there is a debt solution that suits you.

Debt: a worldwide problem

Debt is not confined to certain countries or people, so if you are in need of debt help, you are not alone. The recent financial crisis in North America and Europe happened as a result of uncontrolled spending by some of the biggest banking institutions. Debt seems to sneak up on people, which is probably why the crisis came as a surprise to many. At the time of borrowing people feel good about what they’ve purchased, making them feel powerful, successful and rich. The crisis has made many people sit up and take notice of their debt situation and start working on a debt solution.

Do you need help with debt?

Debt counselling is becoming a frequently requested task for professionals to assist South Africans with, as many people are unable to make their repayments for loans or goods purchased. People are becoming desperate to clear their debt. If you are one of these, don’t delay in approaching your financial advisor to plan a debt solution. It’ll be the first and an important step towards being debt-free.

If you feel embarrassed about needing debt help – don’t be. Financial advisors are there to handle debt problems and have heard and seen the worst of them, so please be honest about the all the debts you have incurred. Your financial advisor needs to know this in order to help you.

Take someone with you if this makes you feel more comfortable. If the debt problem is a joint problem, for example a married couple or business partners, then consult your financial advisor together to find a debt solution.

Debt Solution: don’t give up hope!

Once you have started working on a debt solution with your debt counsellor or financial adviser you will gain more peace of mind, as you have confronted the debt problem. It is the first step in the process of repaying your debt and, while it may not be an easy task, your stress and anxiety related to your debt problems is being dealt with positively. You will reach a debt solution and become better at debt management.

Northwood offers a booklet which will assist you in finding help with debt: How to Implement Debt Management that Works. If you don’t have a financial adviser and would like more information, contact us for advice.