SA World’s Biggest Borrowers advertorial

2015-06-24 06:00

SOUTH Africans were the biggest borrowers in the world in 2014, according to a report issued by the World Bank.

Worldwide on average of 40% of people took out loans in 2014 while in South Africa 86% of people did. The research show that in large amount of these cases the loans were for emergencies in the family.

In many cases the borrowers cannot afford the expensive repayments and get themselves in the debt spiral of taking further loans to repay the original loan.

This unfortunately results in significant distress for families who do not know who to turn to for assistance thinking the problem will go away when it just get bigger.

What many people do not know is that the government introduced the National Credit Act in 2007 which provides relieve to the consumers who are unable to meet their monthly debt repayments.

This is done through registered debt counsellors who negotiate on your behalf to reduce your monthly repayments to a level you can afford to repay.

In many cases this can reduce your repayments by up to 50% until you can afford to resume normal repayments or the loan is paid off.

If this situation is familiar to you and you require assistance with your finances contact National Debt Counsellors today on 087 727 9728 for a no obligation free assessment or visit their website www.nationaldebtcounsellors.co.za. -Supplied

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