5 Steps to Attain Financial Control Over Your Debt
Having a plan in place to manage debt is not only unavoidable, it’s crucial. Society normalised instant gratification – and with it – using credit for; everyday purchases, vacations, entertainment or extravagant splurge items, making it dangerously easy to lose control over debt
Having authority over your finances can turn your money into a powerful ally. But when debt is left unchecked, it will become a ruthless enemy. So, how does a debt management plan work?
(If you prefer to complete Step 1 in one day, you are welcome to do so.)
Income and Expenses
If your debt accounts are in arrears, you can click here to learn about safe, regulated, professional assistance to fix your debt.
Calculate your debt-to-income ratio by adding up your monthly debt payments and dividing them by your gross monthly income (gross monthly income is the amount before tax, UIF etc., is deducted).
Vehicle financing (new and luxury vehicles do not count as good debt, a sensible purchase should be the main take away here)
Pro-Tip: Avoid Temptation.
As mentioned, we live in a society where using credit carelessly has been normalised. If you have this unhealthy habit, identify the situations (or people) who trigger (or enables) this behaviour – and avoid! At least until you have formed a healthier financial habit: Adhering to your debt management plan.
What is Debt Review?
When severe debt makes Debt Management impossible to attain, professional assistance will be needed. Debt Review is a proven, regulated, debt relief option and restructures debt specifically to make it manageable.
Learn what is Debt Review and how it offers a sustainable and safe way to manage debt.