Over the past few years our economic conditions and cost of living has worsened with no prospects of improvement in the near future, which has caused an increase of debt in South Africa. Conversations surrounding the price of petrol and groceries have been at the top of every bread-winner’s mind, which can cause us to worry about the upcoming holidays, such as Easter. 

Easter Weekend is a time to celebrate life, growth and new beginnings, no matter your religious beliefs – you can still enjoy the chaos of egg hunts, cute bunnies and chocolates. Even with your affordability concerns, there are still meaningful ways to celebrate this holiday without breaking the bank (or in this case, eggs!). All it takes is some mindful and intentional planning, which Debt Movement provides in this blog. 

With Easter being a few days after payday, it would be a good idea to get some financial guidance about how you can manage your money efficiently, so that you do not find yourself struggling financially for the remainder of the month. 

Budget friendly activities

In ways similar to Christmas, our Easter celebrations can be whatever we want them to be, whether you’re the kind of family that hosts and has dinner together, dresses up to take cute photos and creating memories with your children or attends Easter egg hunts – it’s about the values and traditions that are important to your family, which can be done in budget friendly and inexpensive ways. 

Easter Egg Hunt

This is one of the most classic and collaborative activities that families can do together to make either the morning of Easter Eve or Easter Sunday, fun for the whole family. If you’re looking for new ways to make this activity special, try planning an Easter Egg hunt that the kids would not expect. Instead of chocolates and sweets, fill the eggs with written ‘special rewards”, resembling fortune cookies. This will save you money on buying treats and the children will be excited to find out what special rewards they have won. 

Rewards ideas: 

• Skipping chores (washing dishes, laundry or cleaning)
• Choose desert for dinner
• Staying up past bed-time
• Have a family movie night and let them choose the movie
• Have a games night and let them choose the games

Make this activity more than just what’s inside the eggs by making how the kids find the eggs creative as well. 

You could have: 

• Mystery egg hunt, fill the eggs with clues so the children can solve the mystery to find the egg treasure
• Nighttime egg hunt, using a flashlight to find the clues or the egg basket.  

Bunny-hop Sack Race 

Instead of throwing out potato sacks after use, simply turn them into a fun game where each player gets a sack and has to use it to bunny hop to the finish line! If you don’t have any potato sacks, you can also use old pillow cases. 

This is an inexpensive and fun challenge that the whole family can participate in, and get some energy out of your system. Your children may want to play this game again and again! 

The winner of this challenge can receive a treat prize at the end of the challenge, giving the participants something to look forward to. 

Make a Cracker-House

This is a creative and tasty activity that is very hands-on and allows children to express themselves with food in a way that is not wasteful or heavy on your pockets. Think of this as a gingerbread house, except with crackers! All you need to make a cracker-house is crackers (ofcourse), icing and any snack related items – marshmallows, chocolates, sweets or easter eggs. 

Once your children are done building and decorating the house, they can eat their creations afterwards, which is the best part. For families with younger children, parents can help with the building part, making this activity family friendly and a good way to bond together. 

This cracker-house can also be used as a desert alternative, to cut spending on extra items for puddings or cakes. 

Bring-and-share Dinner

Did you know that hosting a family dinner doesn’t mean you have to provide all the food? 

If you are looking into having a family dinner with extended family and friends, have everyone bring a dish to share. The easiest way to do this is to make sure you have all the bases covered through meal preparations, so you know what everyone is bringing – from main meals to drinks to deserts. Discuss with your family and friends which meal they would like to bring. This is affordable because your dish would be based on what you can afford to spend on ingredients, and the entire dinner is not only dependent on you.  

It would be mindful to look out for grocery specials and deals when shopping for ingredients. You can easily find grocery store catalogues online, which can help you determine which stores have the best deals within your budget while creating your menu or meal preparations. 

We understand that it can be easy to overspend on holidays when we lose control of our finances. Holidays are a source of financial stress for those who are struggling financially or unaware of how to manage their expenses. Debt Movement has a blog which includes 5 tips to control holiday spending which can provide some insight into planning and budgeting, so that you can get through every holiday without getting into debt. 

If you are struggling with debt and thinking about entering into debt review, Debt Movement is here to offer you non-judgemental debt advice and financial guidance. Request a free call back today with our understanding and caring team. 

If you are someone who is towards the end of their Debt Review journey and wondering how long afterwards you can take out a home loan, or someone who is considering entering into Debt Review and needs more information on the potential constraints regarding credit, here’s what to consider.

Can I Get A Home Loan?

Let’s get straight into it – If you are still under debt review, unfortunately you will not be granted allowance to acquire credit of any type, especially a long-term commitment loan such as a mortgage. Your mortgage eligibility will be decided by credit providers who will distinguish this based on your credit profile through credit bureaus such as Experian and TransUnion. Should you decide to make your inquiry during debt review, your credit profile will be flagged as ‘under debt review’ and you are likely to be declined from getting more credit.

Your most wise decision would be to wait until the completion of your debt review journey before considering purchasing a home. If you are already a homeowner, it would be safer for you to include your home loan into the debt review process.

Debt Review Timeframe

Looking at your calendar moving closer and closer to your final payment date is probably an anxious and exciting feeling all at once, because it means you are almost debt-free but also causing you to consider your life post-debt. Typically, the lifespan of the debt review process can be between 36 – 60 months, but the length of the review process is dependant on a few things such as:

• The amount of debt you have
• Your monthly debt repayments
• Changes in your financial circumstances during debt review
• Your personal commitment towards repaying your debt

In summary, the more debt you have, the longer it may take to get rid of it. Luckily, your repayment time can reduce if you received an increased income and use it to pay extra towards your repayment. If you are looking for ways to make more money, here are some side hustle ideas that can help you pay-off your debt. You can also consider reducing your living expenses, and adding the difference towards your repayments.

How Long After Debt Review Can I Take Out A Mortgage?

In theory, you should be able to apply for credit within a week of receiving your clearance certificate. However, you shouldn’t rush into taking out credit or entering into new debt – be it good or bad – right away. You will need to allow credit bureaus some time to update their records accordingly, to reflect that you are no longer in an active debt review.

Furthermore, it is important to allow yourself to rebuild your credit score, as it may have been affected by you being under debt review or you being previously over-indebted. Your credit score may take a while to become good but as some time passes, your score will become better and in a few months time you will be in a much better position. If you are wondering what factors affect your credit score, our blog has some insights for you. Here’s our recommendation – wait at least 3-6 months after repaying.

If you are interested in resolving your debts through debt review, you can visit our Debt Movement page where we explain how Debt Movement can help you and where to apply!

If you are struggling with debt and thinking about entering into debt review, Debt Movement is here to offer you non-judgemental debt advice and financial guidance. Request a free call back today with our understanding and caring team.

You may have somehow found yourself with unprecedented debts, and wondering how to manage your new debts while keeping up with your current expenses. Although having good debt can improve your financial health, too much of the wrong debt can affect your ability to achieve other goals. We have some debt advice on how to manage your expenses.

Know How Much You Owe

Naturally,  the first thing you would want to do is pay your debt off right away, however, before you consider doing that, it is important to have a clear understanding of how much you owe. This will help you see the bigger picture and stay on track with your debt obligations.

You should make a list of your debts that include the following information:

• Different creditors you owe
• Total amount of debts
• Monthly payments you make for each
• Date payments are due
• Interest rates

When your list is made, you can use it by referring back and updating it as your debt reduces – Keeping your list updated will allow you to always have a clear mind of how much you owe and which debts to prioritise.

Pay What You Can Afford

Your debts and bills will typically have a minimum payment option, which you can consider making smaller manageable payments, as they contribute towards the larger debt. Instead of sacrificing your positive and healthy accounts, pay what you can afford, as late or missed payments can make your debts more difficult to catch up with and will put you in a position where you could require debt help. Missing payments consecutively could result in your creditors increasing your interest rate and incurring penalties. Try to stay mindful as you are making repayments.

Should you need more insights into identifying when  debt becomes a problem, please visit our blog for an explanation of how to deal with problem debts.

Check Your Credit Report Regularly

It is important to check your credit report regularly when you have debt, whether it is good or bad, as this could assist you in staying mindful of any outstanding debts. Your credit score can also assist you with understanding your current credit position a lot better and will keep you informed of any factors that may affect your ability to achieve your financial goals.

If you need more information on credit score ranges and ratings, click here to understand how a credit score can affect your financial plans.

Consolidate Debts Where Possible

Debt Consolidation is the process of putting your debts into a payment plan that offers a single payment process with low-interest rates, which can prove helpful when you find yourself with new debts, as you will only have one instalment to focus on.

If you are interested in resolving your new debts through consolidation, you can visit our Debt Movement page where we provide the advantages and disadvantages of this payment plan to help you make more informed decisions. 

If you are struggling with debt and thinking about entering into debt review, Debt Movement is here to offer you non-judgemental debt advice and financial guidance. Request a free call back today with our understanding and caring team.

You may be looking at your current bank balances while feeling the blues of your spending habits and the pressure of taking care of your family over the past few weeks. But worry less, as we have some insights on how to make what feels like the longest month of the year, more affordable.

Budget

It would be helpful to start being honest with yourself about your current financial situation, by separating your expenses into two steps;

1. Evaluate your budget. Get your bank statement to find out exactly how much money you have left over from your last pay to see if you can reduce your current debts.
2. Make a list. Create two separate lists of your fixed expenses and your variable expenses.

Fixed expenses are:

• Your rent or mortgage bond
• Car instalment
• Insurance

Variable expenses are:

• Groceries
• Petrol
• Utilities

If you need more tips on budgeting, please visit our blog on How to Make a Budget which includes easy steps and tools on preparing a monthly budget suited to your expenses.

1. Save where you can. From your fixed expenses, you should consider paying the minimum required amounts for each first and from your variable expenses, see where you can cut costs. You can decide to forgo restaurants and takeaways, and instead buy only sustainable everyday food items in your groceries.
2. Cash in on available rewards and store specials. Getting back into your day-to-day routine while managing your affordability is not easy on your own but there are more resources available to you than you realise. You could organise a car-pool with work colleagues and only use your vehicle when necessary. Make use of store specials by cashing in on any ‘points’ or ‘rewards’ you have available.

Compare Prices

Since most shopping items can be found online, it would be a good idea to consider comparative shopping which will help you make informed decisions when purchasing items that are within your budget and affordable for you. With the back-to-school rush fast approaching, it would be helpful to buy only what you need, in terms of uniforms and stationery items for this month. Then add the rest during the course of the year.

Shop Online

Online shopping can be cost-effective as many online stores offer free delivery during this month of the year, which can help with saving time and money. If you are considering shopping online for items you need, from clothing to groceries and utilities, click here to find a list of stores that are available online. Comparing prices is easier online as all the information you need is readily available and just a click away – with the consistently increasing price of petrol, the convenience of shopping for essential items online, without having to leave your home, has never sounded more appealing.

If you have already evaluated your bank statement and debts, only to find that you still do not have enough money to stretch throughout the month, it would be helpful to consider entering into Debt Review to help reduce your monthly payments.

If you are struggling with debt and thinking about entering into debt review, Debt Movement is here to offer you non-judgemental debt advice and financial guidance. Request a free call back today with our understanding and caring team.

You may think it’s impossible to get through the holidays without spending a fortune, but with a little planning and budgeting, you can celebrate without having to go into debt. Before you venture out to the shops or open your laptop to make online purchases, consider these tips to help control your holiday spending.

1. Take a look at your finances

Before you start your holiday shopping, be sure to check how your finances are looking. Your financial situation may have changed from the previous year, so it’s important to check on your finances, as you may not be able to shop the way you did the previous year.

2. Set realistic holiday spending limits

You need to be realistic about how much you can afford to spend during the holiday period, you don’t want to go into debt simply because you set yourself unrealistic spending limits. Yes, of course you need to enjoy the holiday period, but it is possible to do this without maxing out your credit card. 

Holiday budgeting will allow you to set limits on your spending, but will still enable you to enjoy the holiday. It can be really beneficial to set up a budget specifically for the holiday period.

3. Change your perspective

There is a lot of pressure felt around the holiday season as a result of the expectation to give gifts. People have the perception that they have an obligation to give gifts to everyone, regardless of their financial situation, but this is not the case. If you are struggling financially, you should try and cut down on the number of people on your present list. You should only be buying gifts for your close family and friends. We recommend focusing on thoughtful and meaningful gifts, moving away from the expensive, thoughtless gifts. A small, thoughtful gift is worth more than an expensive gift that someone may never use

If you do, however, feel the need to give to more people outside of your immediate family and friends, then maybe try and bake some cookies to give as little presents. 

4. Compare prices

There’s nothing better than scoring a good deal! Whether you’re an online shopper or an in-store shopper, you should compare prices between stores to ensure that you get the best deal. If you plan on doing some online shopping, be sure to check out PriceCheck, a price comparison website.

5. After Christmas sales

It’s no secret, the best deals are always found just after Christmas when the majority of people have already purchased their gifts and the spending starts to slow down.It may be that you don’t see everyone on your present list before Christmas so it’s a good idea to see if you can hold off on your shopping until after Christmas – you’ll likely save a lot of money as most retailers have massive sales to help move stock that didn’t sell before Christmas. 

At Debt Movement we know that sometimes debt is unavoidable and that, unfortunately, bad debt often happens to good people. Our goal is to guide people on their journey to financial freedom. Debt Movement has helped thousands of people move out of debt and become financially free. All you need to do is take the first step and get in touch with one of our professional debt specialists.

Which debt should be a priority debt?

Some debts have a higher priority than others when it comes to repayments. A secured debt will generally always be more of a priority than an unsecured debt, this is because the consequences for missing a payment will be much more severe if you fail to make repayments on secured debt. If you fail to repay secured debts, you may lose the assets that they are linked to – and usually these are essential assets like your home or car. 

Prioritisation of debts is all about assessing what kind of debts you have and the consequences for missed payments or increases in fees such as interest rates. Below we have put together a list of priority debts and their consequences. This is, however, just an example and may not accurately reflect your current situation. Every person needs to individually analyse their debts and work out their unique priority list.

Priority List:

         Debt                                                                   Consequence

Should you consider the size of your debt?   

It’s always important to consider the size of your debt when deciding which debt to prioritise. Although it may be tempting to try and reduce the size of your larger debts by paying more than the minimum required monthly payment, it will most likely be best for you, in the long run, to pay off your smaller debts that have much higher interest rates such as credit cards and store cards. By paying off these debts quickly, you will then be able to pay more than the minimum monthly payment on your larger debts that have much lower interest rates. 

Your larger debts like unsecured loans are designed to be long-term, therefore, paying these off over a long period of time is what is expected of you. If you happen to have an influx of spare cash that isn’t enough to repay all of your debts in full, you should use this to go towards smaller debts with higher interest rates.

What to do if you are fall behind on payments

If you are in a difficult situation where you simply cannot afford to keep up with your minimum monthly repayments for all of your debts, you need to seek debt help now. 

When debt is unmanageable, there are debt solutions that can help you to regain control of your finances. No matter what level of debt you are in, there is always a debt solution for you. Take a look at our website for information on the various options available to suit your needs or request a free callback for impartial debt advice.

At Debt Movement we know that bad debt happens to good people. Our goal is to help you move out of debt and become financially free. Our team has helped thousands of people become financially free. Request a free callback to discuss your debt.

So, take a good look at your debit orders, are there things on there that you don’t use? That gym membership that you keep promising yourself you’ll start using again next month? The streaming subscription you keep because “it’s so cheap”? Each of these small outgoings can amount to a sizeable saving every month.

While you’re accessing your bank statements, take a look at your day-to-day outgoings. If you can, print out a monthly statement and highlight transactions such as takeout coffees, meal deals or fast food and snacks. Once you’ve done this for the whole month, add them up and see how much you’re spending each month on these unnecessary purchases. You may find that cutting down on takeout food and drinks throughout the week can save you between R800-R1,000 per month! Try repeating this exercise with other spending, such as unnecessary purchases of clothing, shoes and any other luxuries, such as nights out and weekends away. Soon you’ll have spring cleaned your way to a much healthier bank balance!

How to Avoid Debt Using a Budget

You don’t have to already be in financial difficulty to create and stick to a budget. Budgeting is great for all sorts of circumstances, whether it’s to save up for something special or just to keep a close eye on your income and expenses.

If you’ve taken the first step by spring cleaning your finances, putting a budget in place will help to ensure that your bank balance remains healthy and that you always know what is going in and out. This means that there will be no surprises, and you’ll be less likely to fall into debt due to overspending prior to unexpected payments. 

How to Avoid Impulse Purchases

It’s human nature to see something we like and have to fight the urge to buy it there and then. A great tip is to “give it time”. Often, we see something that we think we couldn’t possibly live without, but a week or a month later, we’re not so fussed. Giving it time means leaving the shop or closing your browser and walking away. After some time, a week or even a month, if you still feel that you could benefit from the purchase, then take a look at your budget and see if you can afford it.

Retailers know that they can benefit from impulse purchasing. When in-store or online, you will see flash sales and limited-time deals. While these are great news when you’re purchasing something you genuinely need and can save you a lot of money, they are not necessarily limited. The law states that to be classed as a “sale” or “offer”, an item must have been full price for a “meaningful amount of time”. So, that new item you simply NEED to buy this week because it’s 20% off in a flash sale was probably only full price for one month of the year. And when it’s full price again, a similar one will replace it in the sale. 

Steps to Take before Applying for Credit

If you’re considering applying for credit to make a purchase, there are a few steps you should take before doing so to avoid getting into more debt than you can afford.

1. Go back to the beginning of this blog and take the steps to spring clean your finances. Check your income and expenses to be sure that you can afford the items you are about to purchase.
2. Wait a while. As suggested earlier when discussing impulse buying, take some time to think about whether you really need the item. Sometimes, after a few days or a week, you can feel very differently about it!
3. If you already have debt, take a look at the agreement term and see if it is ending soon. If you only have a few months left of payments on a loan, can the new purchase wait until then, when you have more affordability?
4. If the new purchase is a long-term agreement, can you guarantee that your financial situation will still be the same in four years? Just because you can afford payments now, it doesn’t mean that you will be able to do so in the future, so think carefully about your financial stability.

When all is said and done, managing debt can be difficult. If you have found yourself in a situation where debt is becoming too much to handle, contact Debt Movement today. Our friendly and professional guides can help you to assess your situation, see if there is a debt solution that could benefit you and get you on the road to financial freedom.

Just as you have to take care of your physical and mental health, you also need to take care of your financial health. Our financial health is something that we simply cannot neglect as the consequences could be detrimental. The good news is that it’s never too late to start looking after your financial health!

Tips to help you manage your money

1. Track your spending

If you don’t know what and where your money is going each month, then your personal spending habits probably have some room for improvement. Understanding your spending habits can be a simple process, there’s no need to manually record each purchase, there are apps for this that can make your life a lot easier. Furthermore, there are also a number of banks that offer this service for free if you use one of their transactional accounts or debit cards. This way, you can see exactly how much you are spending on each category (for example: groceries, transport, clothing) on a monthly basis. 

2. Create a realistic monthly budget

Use your monthly spending habits, as well as your monthly income, you can now set a budget! We know that creating a budget may seem quite daunting at first, but it’s necessary to get your financial health in order. 

Having a budget in place is vital as it allows you to see exactly where your money is going and where you can save. It’s often the small purchases that can add up quickly, so it’s important to leave some room in your budget for the little ‘unexpected’ purchases.

3. Build an emergency fund

An emergency fund is an essential safeguard against any unexpected expenses. If the pandemic has taught us anything, it’s to always be prepared for the unexpected.

Having an emergency fund can save you a lot of money, and not only that, it can help you avoid going into debt! Unexpected expenses can be BIG, and when they catch you off guard, you won’t be smiling. Vet bills, vehicle repairs and job losses are among the things many of us simply don’t budget for and if you don’t have an emergency fund, you’ll land up having to resort to credit cards or high-interest loans. Emergency funds are especially important if you have debt, as they can help you avoid borrowing even more money.

At a minimum, it is recommended to have at least three months (this will take time to accumulate) worth of living expenses saved in your emergency fund. However, the more you can save, the better.

4. Control your debt

Debt makes it incredibly difficult to manage your money efficiently, so it’s important to get it under control and paid off as soon as possible. You don’t want to get caught in the debt trap as this will lead you to take more loans to help you with your repayments. A great way to get on top of your debt is to prioritise them in terms of which is more important.

At Debt Movement, we know that bad debt happens to good people. If you’re struggling with bad debt, we are here to help you! Request a free call back today and feel the weight lifted from your shoulders.

A credit score is a number produced by a scoring system based upon your credit history. Your credit history includes all of your past borrowing, any missed payments or defaults, the amount of credit you’re using and much more. The company you are borrowing from doesn’t often have access to the detailed report; they just use a baseline score that they will offer credit to. It is important then to address the individual factors in your report to ensure that your score meets their requirements.

Although many credit scoring companies use a different scoring system, they are all based upon the same factors. This means that if you ensure that you take care of the factors below, you shouldn’t need to worry about the actual number assigned to you.   

Factors That Can Affect Your Credit Score

• Missing or late payments — missing a payment on one of your debts will be noted on your credit report. Missing several payments will have a more negative impact. At this point, most lenders will ‘default’ your account and begin the process of chasing the money owed to them. A default on your credit report has a pretty serious effect on your credit score, so the golden rule of keeping your credit score in check is to keep up with payments!

• How much of your credit limit you are using — Your ability and willingness to pay back credit is partially assessed by looking at the credit you already have. If you are at your limit with other lenders, you may be viewed as a little more of a risk than if you have lower balances.

• The age of your credit accounts — Your credit score can go up (or down) depending on how long you have been using credit as well as how old each credit account is. For example, if you have been using credit sensibly for ten years, your credit score will be higher than someone who has never used credit. However, whenever you open new accounts, your average age of accounts will decrease, thus decreasing your credit score.

• Errors on your credit report — It is good practice to regularly check your credit report across all three major credit scoring companies to check that your personal information is correct. There are two major credit scoring agencies in South Africa — TransUnion and Experian. You should regularly check that your address is up to date and check for things that you don’t recognise showing on your report. If you spot an error, raise a dispute immediately.
• Having no credit history — It goes without saying that you can only have a credit score if you have used credit. If you’re just starting out, you can try just taking out small amounts of credit. You can also use the tips below to help build a good credit score.

Rebuilding Your Credit Score

Whether you’re rebuilding a bad credit score or starting from scratch, it is possible to get a good credit score and enjoy the benefits that come with it. Use the points above as a guide to help you get on track and remember, a good credit score won’t happen overnight. 

If you are rebuilding your credit after completing a Debt Review or paying off debt, it may be difficult to obtain credit at first but don’t give up hope! After Debt Review you will receive a clearance certificate and your name will be cleared from all credit bureaus.

Because you will be rebuilding your credit score from scratch, you will have to start off by borrowing small amounts. You will not be able to apply for large credit amounts like a car loan.

If you are struggling to recover from debt problems or are having difficulty repaying debt, contact Debt Movement today for help and guidance from our friendly and professional team. 

Debt stress is something that can quickly and easily impact us all. When it happens, it can feel like you are drowning under the financial burden and that you may never escape your situation. This stress and anxiety can leave you behaving in an unfamiliar way and can impact your relationships and even your physical health. 

Getting your finances under control and relieving yourself of suffocating debt stress is possible. With Debt Movement’s 7 ways to deal with debt stress, you can take back control of your life and start planning for a financially-free future.

1. Make Healthy Life Choices

Sometimes when you get into seriously stressful situations, it is easy to let it get the better of you. The all-consuming problem of debt stress can mean that you stop doing things for yourself, like staying active and having a social life. 

When you are dealing with stress, it is important to keep up some levels of exercise. Exercise offers many health benefits — and it pumps you full of “feel-good” endorphins, stopping you from focusing on your financial troubles. 

Maintaining an active social life should also be a priority when dealing with stressors. Debt can already leave you feeling alone and the last thing you want to do is isolate yourself from your friends and family. It is always a good idea to confide in those around you and never be afraid to ask for help if you need it. And maintaining contact doesn’t have to cost the earth – a phone call to check in, an invitation for a catch up or meeting for a quick coffee all make a difference, and all can be relatively inexpensive.

Finally, never turn to coping mechanisms like alcohol — an expensive way to dull the senses that will only exacerbate your anxiety. You will feel so much better if you can be kind to your body and maintain a healthy lifestyle.

2. Understand When Stress Is Getting to You

Although stress is something we all experience, many people struggle to spot it or even understand it. It is therefore important to look for signs that you could be experiencing an unhealthy level of stress and anxiety. The following signs are a major indicator of debt stress:

• The thought of debt makes you feel ill
• Your sleep pattern is impacted and you find yourself feeling exhausted
• You don’t want to see or speak to friends or family
• You struggle to concentrate on tasks at work 
• You feel overwhelmed.

3. Accept the Situation

When struggling with debt, there is nothing to be ashamed of. Even today, there is sometimes a stigma attached to debt when it is a problem that will impact many responsible, good people. Debt is extremely common, with over 10 million South Africans estimated to be over-indebted, you are not the only one who is struggling with debt. This is why accepting your situation and taking action shouldn’t be something to be ashamed of. 

When accepting the situation you are in, it is also important to try and take as much responsibility as possible. Accepting responsibility for your debt can help you overcome the issue and empower you to take action.

4. Seek Support

If debt-related stress is getting to you, you must get support. If your friends and family can’t help you through this difficult time, you should consider getting in contact with Debt Movement.

If you have been dealing with anxiety and stress and you cannot see the light at the end of the tunnel, it is important to get medical help immediately and contact your local GP. Your doctor can offer advice and point you in the direction of psychological therapy services near you. It is important to know that there are many people and services out there to help you.

5. Get Professional Advice

Remember that you don’t have to do everything by yourself. We know financial problems affect good people and here at Debt Movement, we are here to help. We offer professional debt advice and solutions that will help you take back control of your finances.

With Debt Movement’s debt guidance, you will find all the information and advice you need to manage your debt and start making better financial decisions. 

 6. Put Debt Stress in Perspective

Money isn’t everything and even when it feels like it is, it is important to realise that the worst-case scenario isn’t that bad and that many others before you have faced the same challenge but tackled it and are on the road to financial freedom. Also remember, you won’t be the last person to encounter financial difficulty – and by taking action you may be able to offer support to someone else in the future, as someone who has been there and understands first hand. Debt Movement is able to provide you with advice.

7. Make a Plan

Finally, it is important to come up with a plan to manage your finances. Take a look into your finances, try to figure out where you can save money and how you can possibly earn a little extra income on the side. 

Budgeting is a great way to keep track of your finances and understand what you can afford to repay. Once you start taking control of your finances, managing that debt doesn’t look like such an impossible task. Check out Debt Movement’s budgeting tips and learn how to be smarter with your money.

Although the global pandemic has had a huge impact on everyone’s finances, debt stress is something that no one should suffer. Be aware that your money worries are not unusual and you shouldn’t be embarrassed to ask for help. It is important to remember all the things you can be grateful for and know that help is always at hand.

Are you struggling with debt stress? Debt Movement can help you manage your debt with a Debt Review. Request a free call back today and feel the weight lifted from your shoulders.