I believe it's crucial to learn financial management skills in school before starting your first job and receiving your first paycheck to break the bad debt cycle before it happens.
Can you remember your first paycheck and the feeling of exhilaration and excitement when you went to spend it? Even though it probably wasn’t much, you felt like a millionaire. You were dreaming the whole month about how you'd spend it. Have you ever heard the saying that your paycheck 'come today and gone tomorrow'? This is most probably what happened with your first paycheck.
Nobody dreams of ending up with financial difficulties. No business ever aspires to face financial difficulties. Life happens, sometimes due to a lack of knowledge, and other times due to unforeseen circumstances. But is it truly necessary to endure eternal punishment for these financial decisions?
There are debt relief solutions available to individuals and businesses struggling financially. You have access to debt-relief solutions. You just need to find a qualified debt solutions expert to help you find the right solution for your specific financial circumstances, be it personal, business, or both.
When talking about breaking the bad debt cycle, it is clear that all the solutions available on the internet are based on individuals who aren't overly indebted. They neglect to consider individuals who are facing financial difficulties and have already accumulated excessive debt.
This presents a challenge, as solutions are primarily based on scenarios of individuals and businesses who are financially stable enough to save money for unexpected expenses and manage their budget effectively. The solutions provided are guidelines to prevent you from becoming over-indebted.
In most cases, when individuals and businesses start searching for ways to break the bad debt cycle, they’re already over-indebted and struggling financially. Therefore, there is a need for an article that answers the one most pressing question in South Africa and maybe even the world.
If you're already over-indebted, how can you break the cycle of bad debt?
If you have bad debt, you cannot break the bad debt cycle.
Finding a suitable solution to eliminate the debt is the first step towards breaking the bad debt cycle, after which you can take preventative measures to avoid ending up in a similar situation.
You can find a multitude of debt relief solutions and advice online, including options such as debt review, sequestration, declaring bankruptcy, liquidation for businesses, and more.
How are you going to know when you've found the best answer?
It's nearly impossible to find a way out of your excessive debt and stop the bad debt cycle. This is particularly true if you attempt to handle it yourself. You need advice and assistance from specialists who work in the field and are registered with the national credit regulator as debt relief experts.
How can you identify a debt relief expert?
Here are 5 questions to ask when vetting a so-called debt relief expert:
1.
Is the debt relief expert registered as a debt solutions specialist at the
National Credit Regulator?
2.
Is the debt relief expert fluent in all debt relief solutions or only in one form of debt relief?
3.
Do debt relief experts provide services for all debt relief solutions available under South African law for businesses and individuals, or provide only one solution and specialise only in one debt relief solution?
4.
How long have the debt relief solutions specialists been in the industry, and do they have a proven track record?
5.
Do customers who have previously received assistance leave unbiased reviews for the so-called debt relief expert? Do these reviews appear on a third-party review platform, such as Hello Peter, or on their own website or social media platforms, where they maintain complete control over the posting of these reviews?
So, you've found a debt relief expert. What's next?
1.
Our team of debt relief experts will carefully assess your unique financial situation to identify the most suitable debt relief solutions for you.
2.
A consultation is required once the evaluation is complete and all factors pertinent to your financial situation have been considered.
3.
During the consultation, it is essential to have a comprehensive discussion about the different debt relief options that are applicable to your situation.
4.
You will also be presented with a comprehensive plan that outlines the steps to eliminate your debt and achieve financial stability. This plan will also include estimated timelines to give you a clear idea of what to expect.
5.
These steps can help you avoid such situations and break the debt cycle that has plagued your life.
6.
Receive a formal quotation, as well as the terms and conditions for the debt relief solution. This will help you make an informed decision and take your first step towards financial freedom.
