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Do you need debt counselling?

“How deep in debt do I need to be before I need debt counselling?” If you’re asking yourself this question, you’re probably more worried about your debt than you’re letting on.

When you find yourself paying out more than you bring in each month, you’re probably well on your way to being over-indebted — a very stressful situation in which you don’t have enough money to meet your monthly debt obligations and still cover basic necessities like food. 

Once you’re caught in the debt trap, whether through your bad spending habits or caused by an event such as a death in the family or a sudden loss of income, it’s very difficult to get unstuck. Over-indebtedness, or debt stress, can devastate your life; it can negatively affect your job, your family and relationships, and even take its toll on your health. That’s why it’s very important to determine whether you need debt counselling sooner, rather than later.

If you think you might need debt counselling, some of the red flags to look out for include:

– Avoiding answering the phone when you suspect it’s the bank
– Leaving your bills unopened
– Struggling to make your monthly debt repayments on time
– Paying for household expenses on credit
– Regularly going over your credit limit or overdraft
– Borrowing money from friends and family
– Using debt to pay debt

You might even be lying to yourself and your loved ones about how much you owe, and placate yourself with the thought that “everyone is in this situation.” This is debt denial, and it can be costly. The longer you stay in denial, the larger your debt grows. 

Does any of the above ring true? Then debt counselling can provide you with immediate financial relief by helping you free up more money every month to meet your obligations while protecting your assets from being repossessed. However, it’s not a payment holiday. You will still pay your debt, but in a structured way. 

If you are not able to make your monthly payments, your bills are piling up and you don’t have enough money left to live on, then you will benefit from seeing a Debt Counsellor. At Octogen, our goal is not only to help you get out of debt, but to improve your financial position and guide you towards long-term financial wellness. 

If you are not sure, contact us for a free assessment.