If you have ever been severely in debt to the point where you’ve had sleepless nights worrying about your payments, arrears or defaults then I think this article might be of great use to you. Today I will help you manage your debt without jeopardising your current financial position. You will no longer need to fear phone calls made from private numbers or knocks on the door.
One can only understand the disheartening effectives of bad debt once you go through it yourself. It is as psychological as it is logical. Let me take you back to when I was 21 years old, I had just graduated and suddenly the world opened its embracing arms towards me. My phone rang every weekend, greeted by scripted pitches, banks confidently offering me credit cards or loans. Growing up poor, I was constantly warned by my parents about accumulating debt through credit but how was I to resist when the installment and premiums sounded so reasonable. Having a decent paying job led me to believe that I could at least afford to pay the minimum installments.
Then the unthinkable happened, I got fired. And just as quick as the world opened its arms to me, I found myself at the end of collection calls made by some rather ill-mannered collections agents. I struggled to sustain myself and pay off my debt. At 21, I had no clue on how to manage my finance let along my debt. Then I did what most South Africans do when their accounts are handed over, I protested and after failing, complained on HelloPeter and eventually went into hiding.
One thing I learnt through this period was, collection agencies do not care if you avoid them, they simply add interest until you find a way to pay. And so my debt accumulated due to interest and this was the beginning of life of financial stress. Every month I would receive multiple letters in the mail , arriving in an assortment of hues from yellow, blue , orange to even a shocking red envelope that looked like a hazard sign.
One day, a courier came to visit me at my workplace, 5 minutes into our conversation I could tell that this was no ordinary courier. He had been sent by a Debt Management agency that I had contacted online name CreditWorx. They then made arrangements for me to repay my debt within a budget I could afford. A year later, I had management to pay back every single penny and my credit record was dignified once again.
Remember that getting out of debt is the best thing you can do for yourself and your family. Below are a couple of things you need to consider.
If you manage to pay up all your debt and restore your credit rating, try to make sure that you have a financial management plan which includes budgets and debt management.
Image courtesy of Stuart Miles / FreeDigitalPhotos.net
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