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I need some advise on my debt situation. Currently my finances are in such a bad state and it has been for the past 4 years (since my divorce).
I have outstanding debt of about R80 000 if not more and we live from month to month. My fiance and I get paid only enough at the end of the month to service our current debt. There's no money left for food, petrol and electricity so I borrow money during the month to survive. Our petrol alone is R1 500 and food and my children's expenses in the region of R3000.
I don't know how to cope with this anymore – I'm tired of struggling. I wanted to consolidate all our debt over a longer period so there's a smaller monthly payment until we are back on our feet but as I'm blacklisted I cannot get that done.
Answer
To consolidate your debt, you will have to be able to qualify for a loan and it should be a loan at the same or lower interest otherwise you just commit yourself to more debt in the long term. There really is not any other way than cutting expenses that might mean moving, renting elsewhere, sharing accomodation, making changes that you might not have thought of before and in short, really sacrifice so that you get out of the cycle of borrowing money or not using any of your current accounts.
Is there any way that you can try and make arrangements to pay less each month to some of the firms or banks you owe money to?
If you have done all that and there is no way to earn extra income (earning extra is the second option, not first option) then you will have to view each expense on your bank statement and see how you can make temporary changes in your lifestyle to try and accomodate your circumstances better.
- Charné van der Walt
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