Debtfree Issue 202305 - DB

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FROM THE DESK DEMYSTIFYING DEBT COUNSELLING There are an estimated three million South Africans who could qualify for and benefit from debt counselling, but who never apply. While the need is considerable and will increase as a result of stubbornly high inflation and rising interest rates, only between 120,000 to 140,000 people a year apply for debt counselling.
The reasons vary but are typically because people have limited knowledge or misconceptions about the process, are concerned about the stigma of being in debt counselling or wait until it’s too late. Over the past seven years inflation has eroded take-home income by nearly 40%. To make up the shortfall people take out personal loans. As a consequence, debt-to-income ratios are at or close to alltime highs. People who find themselves in a debt trap and seek help should be lauded for being responsible rather than be judged. DebtBusters knows that debt counselling is an effective process. Interest rates for unsecured debt can be reduced by up to 90% and the time consumers have to pay off debt can be extended, allowing them breathing room on their monthly finances. There has been a ninefold increase in the number of people who successfully completed debt counselling since 2016. Despite this many, who could benefit instead try to manage their financial situation themselves. This can get them deeper into difficulty. In some cases, they risk getting their houses and cars repossessed because they didn’t understand the process, heard a rumour or were too embarrassed to speak to a debt counsellor. The experience of someone currently undergoing debt counselling is instructive: “Before joining debt review, I was incredibly wary of doing so because of the negative stigma and reviews found while doing research online. It wasn’t until I contacted my current debt counsellor and had a comprehensive explanation of what and how the process works, that I truly understood what it was, and I had to do to get my finances back on track. I am three months away from being debt free and I have never been happier. Debt review works”
Page 1 and 2: Issue 05 of 2023 SPECIAL EDITION
Page 3 and 4: WHAT MAKES US EXCELLENT? / Unimpair
Page 5: We also talk about how the temperat
Page 9: CONTENTS SHRINKFLATION HOW SNEAKY M
Page 15 and 16: SHRINKFLATION: YOUR MONEY IS SHRINK
Page 17: weights and prices. We forget how m
Page 21: SHRINKFLATION: YOUR MONEY IS SHRINK
Page 24: WINTER WARMERS ON A BUDGET WINTER I
Page 28 and 29: WINTER WARMERS ON A BUDGET BE THE O
Page 31 and 32: WINTER WARMERS ON A BUDGET SHUT UP
Page 35 and 36: WINTER WARMERS ON A BUDGET GO TO BE
Page 39 and 40: WINTER WARMERS ON A BUDGET JUMP ARO
Page 41 and 42: WINTER WARMING TIPS ARE SO HOT RIGH
Page 43: No more debt-stress. Let’s get it
Page 47 and 48: LOSING YOUR JOB DURING DEBT REVIEW
Page 57:
debt review, if you have not been t
Page 60 and 61:
BREAKING NEWS
Page 62:
THE RAND GETS A MAKEOVER South Afri
Page 65 and 66:
IMAS 17.3S After a series of meetin
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Debtfree Issue 202305 - DB

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