5 Common Debt Mistakes

5 Common Debt Mistakes South Africans Make

Advice from Garden Route Debt Counsellors

In today’s economic climate, many South Africans are feeling the financial pressure daily. It is easy to feel overwhelmed with the rising cost of living, high interest rates and also mounting debt. Unfortunately, many people fall into common traps that worsen their situation. Garden Route Debt Counsellors have good news that these mistakes can be avoided with the right help.

Here are 5 common debt mistakes South Africans tend to make as well as tips on how you can avoid them:

1. Ignoring the Problem: Many people hope that if they avoid their bills or skip a few payments, things will magically improve. This only makes it worse.
2. Using Credit to Pay Off Debt: Using loans or credit cards to pay off existing debt might seem like a short-term solution, but it often leads to a dangerous cycle of over-indebtedness.
3. Avoiding Debt Counselling Due to Fear or Shame: Many people delay seeking help because they feel embarrassed or believe debt counselling means they’ve failed. In reality, asking for help is one of the most responsible decisions you can make.
4. Misunderstanding Credit Agreements: It’s easy to sign credit agreements without fully understanding the terms. Before signing any credit agreement, read the fine print and also ask questions.
5. Waiting Too Long to Ask for Help: Furthermore the longer you wait, the worse the situation becomes. Missed payments can damage your credit score as well as  result in legal action from creditors.

If you’re feeling overwhelmed by your debt, remember you are not alone. Contact Lee from Garden Route Debt Counsellors for professional and also discrete advice. Contact Garden Route Debt Counsellors for more information

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