Debtfree Magazine issue #12 of 2021
SA's Free Magazine about dealing with debt, debt counselling, debt review and more. This month we look both back and forward as we review 2021 and what we can learn from the tough year.
SA's Free Magazine about dealing with debt, debt counselling, debt review and more. This month we look both back and forward as we review 2021 and what we can learn from the tough year.
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DEBT COUNSELLING – THE NOBLE PROFESSION
IT’S CHEAP AND
IT WORKS
Given the relatively low rates that Debt Counsellors
charge for their professional services it is clear that the
vast majority of Debt Counsellors are in the profession
simply to offer help and relief to consumers.
In the past, consumers would have to try turn to lawyers or other
mediators to try help them negotiate with creditors and often were
overwhelmed by run away costs or a lack of cooperation by credit
providers. The 2007 National Credit Act flipped that on its head,
forcing credit providers to play ball and come to arrangements with
consumers or having the courts make such arrangements for them
instead.
The journey has not all been roses, of course. Debt Counsellors soon
realized that in order to help people effectively they would have to
also run a successful practice, balancing the needs of a low profit
margin business with the challenge of helping those who are in
financial distress and have poor financial habits.
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