Practical Tips for Managing Debt During Economic Uncertainty in South Africa

 

Times of economic uncertainty can make it all the more difficult to pay off debts. Increased interest rates, inflation, and the complex job market make it almost impossible to see the end of the road. But although you can’t tell where the economy is headed, there are things you can do to minimise risk and protect yourself from events you can’t control. In this blog, we will share practical tips for debt relief in South Africa to help you withstand periods of economic uncertainty.

 

Survive a weak job market.

 

Are you worried about lower wages or losing your job? It’s time to reevaluate your cash reserve and see if it’s enough for 3-6 months for unforeseen expenses and daily essentials.

 

Besides having an emergency fund, you need to learn how to manage your expenses wisely and avoid sacrificing your future savings. To do this, track your spending habits. Be mindful of discretionary purchases and consider delaying major purchases. This will help you allocate more funds towards debt repayment.

 

Survive inflation and overcome high interest rates with debt relief.

 

Is the high inflation and high interest rate environment restricting your cash flow and making it challenging to save up and pay your debts? Our experts at Find Better’s expert partners can help you achieve debt relief in South Africa. We'll assess your financial situation to determine a manageable monthly repayment plan and then negotiate with your creditors to consolidate your debts into a single, affordable payment. This can reduce your interest payments and provide much-needed financial relief. And by lowering your monthly debt obligations, you'll have more disposable income to cover essential living expenses like groceries and transportation.

 

We can help you brave economic uncertainty.

 

Debt relief in South Africa is achievable even in times of economic downturns. Contact us here at Find Better to overcome financial woes and manage your debt throughout economic uncertainties. Our NCR-registered debt counsellors partners are ready to arrange a free initial phone consultation with you.


Source: https://findbetter.co.za/practical-tips-for-managing-debt-during-economic-uncertainty-in-south-africa/

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