Guiding consumers since 2009

Debt counselling, do you need it?

By Staff Writer

What price salvation?

By Iona Minton

From iAfrica.com

Sky-high interest rates and a few more hikes on the horizon are leading an increasing number of people to seek the advice of debt-counsellors. Many hope the counsellor will wave a magic wand and turn their hefty payments into a thing of the past. This is, however, not the case as the review process does not make debt disappear, but merely extends the period over which it is paid.

Justmoney.co.za says:

The increase was not as bad as expected, but already analysts are warning that another hike is on the cards. Uncle Tito has given us a smidgen of breathing space and a deep collective breath should be taken. While you can still breathe consolidate your debt, compare your credit card companies and work out if you need debt counselling.

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