With consumer borrowing at an all time high the nation is riddled with debt. This coupled with the sharp hike in interest rates has meant that many people are struggling to keep up with their monthly payments. If you are in debt then you are not alone.
You have a number of options to become debt free and financially stable again. You need to consider each of these options carefully and make sure you choose the best one to fit your circumstances. Below is a brief overview of the options you have available, remember to always seek expert advice before making a decision.
Debt Management Plans
A debt management plan is an informal arrangement between a lender and a customer to repay debts at a lower repayment level than contracted for, which is usually around three percent per month of the outstanding balance. Generally debt management plans can be considered in the following circumstances:
# Debts are less than 20,000.
# There is a monthly surplus of at least 200 – 250 to offer creditors.
# If you can pay 1 percent or more of the outstanding debt per month.
# If you are a homeowner and there is insufficient equity in the...
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