Guiding consumers since 2009

Three ways to avoid the debt collector

By Staff Writer

According to new data released by Statistics South Africa civil summonses for debt are rising, and rising fast. 'The total number of civil summonses issued for debt for the three months ended February 2009 increased by 15,4% compared with the three months ended February 2008'. So if you are feeling the credit crunch and it feels like you might get a debt collector knocking on your door there are a few things that you can do. The important thing is to do it sooner rather than later.

 

 

These statistics were looked at by The Daily Dispatch who noted that 'during February this year, 56175 civil judgments for debt amounting to R512.6million were recorded'. That is a lot of people who owe a lot of money and would have benefited from speaking to a debt counsellor way before they got taken to court and had judgement issued against them.

The Times also looked at this story and quoted an economist who believes that this increase was to be expected and that it is 'inline with the current economic climate'. This means that many of these people who had judgements issued against them could have seen the writing on the wall and done something about it in good time. The most important thing is not to wait, the longer you wait the larger your debt will get and the harder it becomes to consolidate and sort out. A trained debt counsellor will help you bust out of this trap and help you to get yourself debt free.

 


 

Recent Articles

Featured 6 smart ways to select the best medical scheme

It’s important to belong to a medical scheme that offers great benefits at affordable prices. However, due to insufficient knowledge, many people find themselves paying higher premiums for a medical scheme which does not even meet their needs.

Calculate your vehicle finance instalments

You’ve dreamed of a set of wheels since you can remember, and now that you’re a responsible adult with a steady income, you’re ready to take on funding to make this dream a reality. But what kind of vehicle finance options are available to you? Justmoney gives you the rundown.

Check the interest before you take a loan

Justmoney takes a look at what influences the interest rate on a personal loan, the difference between secured and unsecured loans, and its impact on the interest rate.

One retirement, so many funds – pick the right one

Saving for retirement should be one of your priorities. However, it can be confusing to choose between a pension fund, provident fund, preservation fund, or a retirement annuity if you’re not familiar with them.

Deals

Wimpy Cheese Griller Brekkie Special

Price: R49.90
When: Until 9 September
Where: Nationwide

Mowana Spa Me Time Indulge Special

Price: R899
When: Until 31 August
Where: Fourways

Premier Hotels Weekend Getaway Special

Price: From R540
When: From 1 September
Where: Nationwide