Debt counselling, also called debt review, is a debt relief measure provided for in terms of Section 86 of the National Credit Act.
South African consumers, even those who earn high salaries, are struggling to pay all their debts. The household debt-to-income ratio is projected to hover around an astounding 65% in 2024, with South Africans spending up to 75% of their income on servicing debt, according to the South African Reserve Bank .
You use your credit card and/or overdraft facility to pay debts, buy food, pay for school fees and other necessities andConsumers who are employed and still struggling to pay their monthly debt obligations can apply for debt counselling. Those who are married in community of property must complete a joint application.If you are under debt review a debt counselling indicator will be placed on your credit bureau profile.
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