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What to do with all this Debt!!!

We understand that each and every situation is different and that any one solution would not fit all pockets. Credit Compare will provide some general steps on how your can overcome debt problems... The hard way, as it is not an easy task, but well worth the time and inconvenience!

Let's have a look at the choices of becoming debt free.

Debt Management Plan - South Africa

What
Debt management plan helps consumers to make reduced payments to creditors. This method will allow you to pay all your creditors an agreed amount and allow the you to have sufficient money for essential expenses.

Considerations
Since reduced payments are made, it will take you longer to pay off your creditors. A Debt management plan will have a negative impact on your Credit Profile.

Benefits
Being on a debt management plan allows you to make one manageable payment per month. By sticking to your personal budget you will be able to forcast payments and financial goals over a number of months. Best of all, you will become Debt Free! Note that you can plan and propose your own debt management plan to creditors, have a look at our free 'Debt Free Guide' by downloading it from our Financial Downloads page.

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Debt Consolidation Loan - South Africa

What
Applying and being accepted for a debt consolidation loan means that you are able to consolidate smaller existing debt and settle them completely. This method will allow you to make one payment towards to debt consolidation loan.

Considerations
Debt consolidation loans could make your debt problems much worse, if you do not use it in a strategic plan. You have to be positive that your finances will not change a lot during the duration of the loan and make sure all intereste and charges are clearly explained and understood.

Benefits
Debt Consolidation Loan is not the right solution for every financial situation, but it's proven to be beneficial when you have credit cards or small loans with hight interest rates. Obtaining a debt consolidation loan with a low interest rate will work perfectly to your advantage. There is the benefits of increasing your Credit Score much faster when you settle those smaller debts.

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Debt Counselling - South Africa

What
Debt Counselling is done by a debt counsellor or debt management company. Debt counselling will assist you with budgeting, negotiating with creditors on your behalf, restructuring of payment to your creditors, monitoring of payment and providing general advice to better manage your finances.

Considerations
Consider a Debt Management Plan first before approaching a debt counsellor. Consider a Debt Consolication Loan, provided you will able to manage it and not fall behind on any payments. This option will impact the duration of your existing debt, especially long term debt and it will impact on your Credit Score. Debt counselling could be an expensive route, depending on your debt situation.

Benefits
Being accepted for Debt Counselling, will help with your personal well-being by eliminating financial stress and only one payment towards the debt counsellor is needed. The cost for debt counselling is less than Administration and Judgements. You are able to withdraw from debt counselling at any point. Your finances are reviewed over an agreed period by your debt counsellor. Have a look at the FAQ for Debt Counselling on the NCR website.

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Have a look at our article on Debt Problems to see how we can help you resolve debt issues. If you have any questions on debt counselling and other debt services, visit our friendly Forum.


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