What is debt counselling?

Debt counselling is a structured process through which a consumer can pay off their debt and eventually regain financial freedom. It is not an instant solution to quash debts, but rather a method of restructuring the budget and allocating a portion income toward debt repayment, and the rest toward necessary living expenses. Importantly, the debt counsellor negotiates with creditors to reduce payment terms to fit the consumer’s budget, removing late penalties and escalation fees. If a consumer finds that their monthly debt repayments are escalating beyond their control, and they no longer have enough income to cover all their expenses, it is time to consider debt counselling.

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DEBT COUNSELLOR CAPE TOWN | What is debt counselling?