It provides a way to restructure debt payments and develop a repayment plan that is affordable and sustainable. Debt counsellors work with consumers to develop a budget that takes into account their income, expenses, and debt obligations to determine if they can cover their living expenses while paying off their debts.
If you are earning an income but struggling to keep up with your debt payments, seeking debt review may be a sensible solution. By working with a debt counsellor, you can create a plan to manage your debt and get back on track financially.
Through this process, debt counsellors evaluate a person's financial situation to determine if they are over-indebted and eligible for debt review. The National Credit Act established this debt relief measure to prevent consumers from being blacklisted and suffering the consequences of unmanageable debt. For those who are struggling to make ends meet, debt review can be a lifeline.
