Basically a Debt Trap is when you start using new debt to pay for debts you already have, or other expenses. For example, taking out a short-term, unsecured loan to cover a credit card payment or to buy daily necessities like groceries, because all of your income has been tied up servicing other debt.
As time goes on you get trapped into a cycle of using one debt to pay off another, ultimately sinking deeper and deeper into the debt trap until it seems like there is no way out.
How to get out of a Debt Trap
The only way to get out of a Debt Trap is to get to the point where you can cover your living expenses and all existing debts without needing to borrow money or use further credit to survive. Unless you can increase your income or dramatically reduce your living expenses, the best way to do this is to get your creditors to accept smaller monthly payments.
A good Debt Counsellor can help you with this by providing you with Debt Counselling, initiating a Debt Review and Negotiating with Creditors on your behalf.
Get Some Professional Help
Contact Us Now to get in touch with one of our professional South African Debt Counsellors. With their help, you can find a way out of the Debt Trap.
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