Women and Debt 1 - March 2011

If you're a woman in today's world, you have more options that  your mother and her mother before her had. Salaries are higher , everyone has a cellphone, we all have access to the internet. But we all  also now have access to easy credit, which can very easily lead to debt.

Now we all know that the best way to deal with debt is to be in charge of it. But this does not mean that you have to be in charge of our partners debt. As women, we really have to beware of “relationship debt”There are so many women who end up paying for their partners or ex-partners debt, simply by being loving and trusting and placing their finances in their partners hands.

Before taking drastic decisions involving community of property agreements, ante nuptial contracts, signing surety for a loan or an account, buying something on your name and letting your partner pay you back without anything formal on paper.....go and see a reputable financial advisor or financial  guidance office. This need not cost you lots of money. There are places  that will assist you with this, free of charge.

Now we all know the well known facts about dealing with debt:
-get out of denial, know who you owe money to and how much, become pro – active about debt and talk about your debt. But what do you really do when as a single working mother you just cant face the harassing phone calls anymore, when as a mother it breaks you heart when you dont have enough money for food because you have to pay your crippling debt?

Get help immediately. The emotional strain of debt can lead to physical ailments. Headaches, depression, spastic colons.... are all signs of emotional stress, very often brought on by debt.  Go and see a registered debt counsellor who can firstly, if nothing else, just help ease the emotional burden of debt.

A registered debt counsellor will negotiate with all your creditors for lower monthly repayments on your behalf. That already saves you time, money and AIRTIME in dealing with the call centres! How many times have you called into a creditors call centre, simply wanting an account balance and ended up spending more airtime than anything else? How many times have you just wanted to disappear  into thin air when the call centres harass you at work and at home? How many times have you had to lie to your employer because you constantly have to be away from work sorting out your debt?

It doesn't have to be like that. A debt counsellor can assist you with your debt. There are a few ground rules  though. Check with the National Credit Regulator that the Debt Counsellor is registered. Be COMPLETELY  honest with your Debt Counsellor about EVERYTHING. If you are not, this could lead to major problems. If as a woman, you feel more comfortable speaking about your financial problems with another woman, tell your Debt Counsellor.

As women, we have too much to deal with – to NOT make use of financial solutions to our problems.

Useful contact details:
National Credit Regulator ( NCR ) - 0860 627 627 / www.ncr.org.za

Financial Guidance Office: Imali Matters – 021 761 9420 / www.imalimatters.org.za

Debt Counselling: Credit Matters – 086 111 6197 / www.creditmatters.co.za

Moeshfieka Botha is Media and Communications manager of Credit Matters, the largest Debt Counselling firm in South Africa. She is also  a debt expert on Women24. For more information, visit www.creditmatters.co.za, call 086 111 6197 or email her at info@creditmatters.co.za