Debt review: should you or shouldn’t you?

Even high-income earners are battling to pay all their debts and are starting to skip payments on important debts such as their home loans. Would debt review be the answer?

Through this process, a registered debt counsellor assesses your financial situation and negotiates with your creditors to create a manageable repayment plan based on your budget and affordability. You are experiencing financial hardship, struggling to make ends meet, not keeping up with living costs and multiple debts, or you are already in arrears with your credit accounts.

You are not prepared to bite the bullet you will not benefit from debt review’s designed purpose, one of the main reasons why the debt review process usually fails. “People tend to dispute the debt review process instead of challenging their creditors and those existing credit accounts,” Olivier says.

Source: Loan Digest (loandigest.net)

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