Debt Restruct

10 Signs You Need Debt Help

10 signs you need debt help

Managing your personal funds on a monthly basis can be challenging, and carrying high debt balances on loans and credit cards can escalate that challenge dramatically. Debt help is available to residents in South Africa, but should you seek out this type of professional support now? It makes sense to manage your finances yourself as long as you are able to do so. However, if you have noticed any of these signs, it could be time to seek debt help.


1. Inability to pay bills on time

Do you struggle to pay all of your monthly bills on time? In addition to debt payments, this could include your insurance premiums, utility bills and more. Likewise, you may worry about being able to buy groceries and fuel for your car when needed.


2. Not paying credit card balances in full

Carrying even a small balance on a credit card regularly can cost a small fortune in interest charges over time. Many people make charges on their credit cards when they are unable to pay all of their expenses for a given month. If you cannot pay the balances in full each month, you are likely living beyond your financial means.


3. Large minimum monthly payments

As credit card balances grow, the minimum monthly payments increase. Unfortunately, higher minimum monthly payments can make it more difficult to pay down balances and to pay other regular bills. If you are only paying the minimum payments on debts, you may need professional help tackling your balances.


4. Relying on overdraft protection

Does your bank account balance hover at a precariously low level regularly, or do you often rely on overdraft protection to make ends meet? When this issue is combined with large minimum monthly payments or an excessive number of debt payments, this could signal the need for professional debt help.


5. Losing sleep

Financial concerns can become so significant that they plague your thoughts during the day and make it difficult to sleep well at night. These thoughts may range from how you will be able to buy groceries this week to how long it will take to pay off your debts, the impact of your debts on your ability to retire on time and more.

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6. The lack of a budget

A detailed budget outlining all sources of anticipated income and all expenses is a hallmark of financial health. Without a budget, it is difficult to know where you stand financially and if you need debt help. Likewise, you cannot make sound financial decisions without referring to a budget.


7. Inability to stick to a spending plan

Creating a detailed and accurate budget is essential, but it is not enough. You also need to use this financial tool to make smart decisions. A spending plan essentially shows how your funds will be allocated for the next month. If you cannot regularly stick to the spending plan that you create, you could have serious financial issues or issues with overspending.


8. Credit requests declined

Have you tried to get a loan recently? Whether you have been turned down for any type of credit or loan, your financial health may be to blame. Creditors and banks often look at your payment history, your debt balances and other important factors to determine your financial health. When credit requests are declined, you may not meet the lender’s financial health requirements.

Thankfully there are ways to improve your credit score.


9. Contact by debt collectors

You may receive contact from your credit card companies and other financiers after payments are only a few days late. These accounts will often be sent to debt collectors when the delinquency is significant. These collectors in South Africa may call your home and workplace, and they may also send notices in the mail. Keep in mind that collections accounts can also seriously damage your credit scores.


10. Unable to meet savings Goals

When all of your funds are allocated to making ends meet and paying minimum monthly payments, you are unable to save regularly or substantially. As a result, your financial future may be in jeopardy. It is time to ask for help when you are not meeting your short-term and long-term savings goals.

If you can relate to even a few of these signs that your debt issue has grown out of control, it is time to seek debt help. Through debt review or debt counselling in South Africa, you may regain control of your finances.

Can you relate to some or all of these debt help signals?


We can help you to overcome your debt

Debt Restruct is South Africa’s fastest-growing debt review company. Making our mark as a reliable debt help partner by securing a spot as one of SA’s top 10 large debt counsellors. Visit our homepage to learn more and start your journey towards debt freedom today.

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Disclaimer: This website and any information herein is not intended to be, nor does it constitute, financial, tax, legal, investment, credit, or other advice. Before making any decision or taking any action regarding your finances, you should consult a qualified professional directly.

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