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 Rating agencies may come knocking

It is only the middle of February, but the rand has already made two big moves. The first was the rand moving from R14.60 to R 13.20 at the beginning of the year, as emerging markets (EM) became fashionable again. The second was where the rand gave away nearly 90 cents in 2 weeks as the EM rally ran out of steam, and local events started to hit the headlines.

Read more

The cost of sending money home to neighbouring countries

Transferring money home within the Southern African Development Community (SADC) provides vital financial support for many households in neighbouring countries.

Read more

Student bank accounts: Which come out on top?

Being a student signals budgeting and not having a lot of money at your disposal. This means streamlining expenses such as your grocery costs and entertainment budget. But what if your bank account is in fact costing you more than you can afford?

Read more

Can you afford an ambulance in South Africa?

When a loved one is straddling the line between life and death, you won’t hesitate to call an ambulance. This week, Justmoney found out how much an ambulance ride costs in South Africa, whether you can refuse to get into an ambulance, and who pays the bill if you’re unconscious. 

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

President Hotel Easter Special

Price: From R1,500
When: 15 March to 30 April
Where: Cape Town

Kulula-Preskil Island Resort Special

Price: R16,999
When: 11 May -14 September
Where: Mauritius

A Touch Of Madness Tuck In Tuesday Special

Price: R70
When: Tuesdays
Where: Cape Town