Statistics South Africa watches all the key indicators in the South African economy. The latest data on debt is sobering with more people getting into debt trouble. There has been an increase of 11.5%, between June 2008 and June 2009 in the amount of people who got a court summons for debt. In the same period there was an increase of 11.8% in the amount of people who now have a judgement for debt against them. So if you are in debt and want to avoid the trouble what can you do?
- Be proactive
- Don't bury your head in the sand
- Contact a debt counsellor
With this quite scary increase in debt trouble continuing and the economy in recession it can be clearly seen that not only are less people able to pay their debts off, but companies under pressure are also more likely to take you to court about it. Now court is an expensive business and most of the people you owe money to just want to make sure they get their money back. This means that they will more than likely be willing to help you as long as you don't ignore the situation. Debt is scary and a very private thing. No-one wants the world to know they are in debt trouble.
However if you pull an ostrich and stick your head in the sand the chances are higher that you will get taken to court over it. Debt counsellors were set up by the National Credit Act to help over indebted people get out of debt trouble and they are a way for you to take control of what you owe again. The debt counsellor can intercede on your behalf and arrange payment plans that you can realistically keep up with. The important thing to do is to deal with your debt trouble now before it runs all over you. Don't become another statistic, you have the choice to deal with your debt trouble.