Debt causes a sense of being out of control and inundated with more and more payments building up. Consumers need to remember that debt is under your control at all times especially from the start. Debt needs to be handled properly so as to not surrender your control over your finances and be second best.
Debt is a matter of control, and having a good debt control management strategy in place will help a consumer stop their debts from having the upper hand at the end of the month.
The first step in remaining in control of your debts is to know your limits. Understanding all your expenses and keeping a strict budget will help you, the consumer, know when to back away from a debt, or stop you from taking on bad debts. Debt control management begins with thorough planning.
Secondly know your rights when it comes to callous creditors. The National Credit Act has paved the way for the protection of consumers who are in a temporary financial fix and who canít pay their creditors. Creditors can no longer bully consumers into complying with exorbitant fees or threaten them with blacklisting Ė there are strict legal procedures to do so, and the consumer must be made aware of these actions in order to contest them and settle the matter.
Seeking out the assistance of a debt counsellor is not a sign that you have lost control, but instead it is a sure sign that you wish to remain in control and that you are willing to do whatever you need to, to meet your responsibilities and manage your debts.
Debts can only control a consumer if they allow them to do so. Before taking on any debts, always create a debt management control plan that allows for every eventuality so that you as the debtor can be prepared and ready to maintain control.