About db Debt Counsellors
In the South African consumer market it has been too easy for a person to access credit that is way beyond their means of repaying the debt. This has led to the situation where people are officially over-indebted. What tends to happen in this situation is that the consumer embarks on a “lending spree” where they need to borrow more and more as each month goes past just to make it through the month. They also let insurance policies lapse and start paying some accounts every second or third month. The problem with this trend is that, at some point, they will no longer qualify for any further credit and that the interest being charged on their existing debt is often more than the instalment that they are paying. This consumer will now be stuck in debt perpetually. The options for this consumer were very limited in the past to be able to regain control of their finances. Besides being limited, the solutions were often not viable solutions anyway, such as Administration or Sequestration. Ad
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