Did you know that February, March and April are said to be the toughest months on consumers?
It's the time when many of us attempt to recover from the festive season and then, of course, there are the school expenses, often making it difficult to cope with your financial obligations.
Correspondent at Consumer Talk Wendy Knowler says this three month period is usually when debt counselling companies are inundated with people who have no option but to go under debt review.
Knowler says while debt counselling takes the pressure off your debt collection, the downside is that you cannot get any new credit.
Knowler also says it's important to find the right debt counsellor.
The first thing is to go to the National Credit Regulator and ask for advice on who to go to.— Wendy Knowler, Correspondent - Consumer Talk
The immediate relief is that those calls stop. The first thing that debt counselors do is separate the wants from your needs and strip it down. For those people who are then able to adapt and stick to the payments most importantly every month and are with the right debt counselors, it really saves them and stops them from getting further down that road of debt that they can't come back from.— Wendy Knowler, Correspondent - Consumer Talk
The most prevalent outstanding debts are said to be personal loans, credit cards and store cards.
Click on the link below to hear more solutions from Knowler and what your rights are....