Debt review: Pros and cons to consider before applying | The Citizen

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Debt review: Pros and cons to consider before applying | The Citizen
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💰Although there are pros to debt consolidation to relieve financial strain, there are also potential pitfalls to consider. Find out more here ▶️ DebtCounselling DebtReview DebtConsolidation TheCitizenNews

For many consumers in South Africa, the year 2022 brought increased financial strain as consumers struggle to keep up with rising inflation and debt – worsened by aggressive interest rate hikes., consumer demand for debt counselling shot up 30% during the third quarter of 2022, compared with the same time last year.

Although debt counselling forms part of South Africa’s NCA, no consumer should be forced to enter debt review and customers should be aware it is not “a quick fix”, Sager told Moneyweb.“It is not a payment holiday. What consumers may not know about debt counselling, is that once you commit to the process, it’s in your best interests to pay off all of your unsecured debt. It’s a long-term commitment,” he said.

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