National Debt Awareness Week
Were you aware that this week is National Debt Awareness Week?
Award-winning debt counselling firm DebtBusters are heading up an effort to get people in SA talking about and being proactive about their debts. They are doing this by promoting a National Debt Awareness Week from the 28th January till 3rd Feb 2019 (last week in Jan).
The last week in Jan is a popular week for financially strained consumers to finally do something about their debts. Other debt counselling firms are set to join in and promote this debt awareness week and get people looking into debt review as a way to deal with their debts rather than turning to yet more debt in the form of a new loan.
‘The last week in Jan is a popular week for financially strained consumers to finally do something about their debts’
Benay Sager (DebtBusters COO) says: “During National Debt Awareness Week the aim is to break the negative stigma associated with consumer debt, acknowledging that there are numerous economic factors that contribute to consumers falling on hard financial times when usually the motive is just to make ends meet. These over-indebted consumers need to know that there are solutions available that will lift the burden of debt for them.”
Recent research by a large debt counselling firm shows that clients who are aged 40 – 60 are taking out more payday loans and have more unsecured debt than any other age groups. Research from the Debt Counsellors Association of South Africa (DCASA) shows that most consumers will sooner look to take on more debt than to try get out of debt through processes like debt review. These consumers are then often disappointed when they apply for credit only to be turned down by cautious credit providers.