February is our busiest time of the year, with many people waking up to the reality that they have more debt than they can afford to pay.

We hope this post will enlighten some people and keep them out of trouble in 2020.

Here is how it all unfolds for most people. 

December

Go LARGE!

Buy everything for everyone and spend, spend, spend! One way to guarantee a future financial predicament is to spend without a plan. Failing to budget for your expenses this holiday could land you in deep water come early 2020.

We advise that you plan your spending before swiping the card. Put money aside for your normal monthly expenses, even if you have to draw it and put it in an envelope labelled “Expenses”.

Do not forget about your creditors as they will certainly not forget about you. Budget for your debt instalments and ensure you have enough money to clear your debit orders come month-end.

Should you be fortunate and receive a bonus this year, plan what you want to use that for.

Not many follow this advice, but paying off some debt is always a good investment in your financial future. Save some of it for a rainy day, and plan how to put the balance to good use.

See How Much You Can Save With Debt Review

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January – All 10 weeks thereof

Usually, January month feels like the longest month of the year. Do not fall into the debt trap after you have spent January’s salary in December.

January will last much longer than the December hangover and there is no “green ambulance” to remedy this.

Ensure that you have enough funds available for your day-to-day expenses and your debit orders.

Things to NOT do

Do not rely on your credit cards and other credit to get you through the month.

Do not consider defaulting on your January payment as you could end up with legal action being instituted against your for default in payment, which will only increase the depth of your debt pit.

Apply for more credit     

Using existing or new credit to fund your December is a great way to meet our friendly team in 2020.

Not that all credit is bad, but it’s a very idea bad to use credit to splurge on a December holiday. Differentiate between a need and a want when considering impulsive purchases.

Buy now, pay later

This time of year specials seems to be the name of the game. We just cannot resist a good discount! Especially when we do not have to pay for it now.

How awesome is it to buy a car now, and only pay for it in 3 months? Definitely not worth it. Remember that very little in this world is free, and this payment holiday is definitely not. Hold off and make an informed decision. Determine that you really need this, and more importantly, can you afford it even when the interest rate fluctuates.

Delay getting help

Unfortunately, because it’s a new year, we often let our optimism get the better of us. we think things will get better as the year goes on but often this is not the case. 

There are many options to take advantage of, in order to ensure things don’t get out of hand and perhaps avoid stricter financial measures.

Those who reach out to us for help earlier, tend to get out of sticky financial situations the quickest.

What to do in case of financial difficulties in the new year

People who find themselves in financial difficulty early in the new year can make take advantage of a simple debt restructuring to make payments more affordable.

The earlier a person does this, the better. 

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