In recognition of National Debt Awareness Month in February, JustMoney conducted a survey to find out how debt aware our readers are. Questions included the kind of debt they had incurred and their recognition of the costs attached.
A total of 144 readers took part, with 95% of them saying they have some kind of debt. In addition to that, 57% of them said they are not interested in any long-term debt solution, even though 69% felt stressed by their debt.
“At JustMoney, we have committed ourselves to empowering our readers,” says Sarah Nicholson, Operations Manager at JustMoney.
“We want to ensure that they are able to make informed decisions when it comes to their finances. As our research shows, consumers are shopping around and taking their time to compare the interest rates. We couldn’t be happier because this means that our advice is being received.”
Nicholson pointed out that those with repo rate-linked home loans will benefit enormously from the Reserve Bank’s decision to keep the rate unchanged at 3.5% per annum.
“We still have our work cut out however,” Nicholson says, “as many are not sold on the idea of debt rehabilitation. They may understand its benefits, but it takes time to accept that they need help to manage their debt. By the time they seek help, it’s often too late and creditors are instituting legal action against them.”
She therefore urges all consumers who are over-indebted to seek help before a legal process is instituted.
To view the full survey results, click on the icon below ‘JustMoney Survey’.