The 27^th of April is Freedom Day in South Africa, marking the annual celebration of South Africa’s first non-racial democratic elections in 1994. Since political freedom, South Africans have striven to correct the wrongs of the past. South Africa currently has 19.69 million credit active consumers of which 9.25 million have impaired credit records. DebtBusters, South Africa’s largest debt management company, advises South African consumers to restore their freedom, continue the sacrifice that was made and take back control of their financial destinies, and – most importantly – become debt free.

According to Ian Wason, CEO of Debtbusters, the average number of South African consumers under debt counselling in 2012, as reported by the National Credit Regulator (NCR) in April last year, was 6000. One year later, in 2013, the industry statistics showed that this number had increased by 38%, to an average of 8304.

Wason goes on to state that within the same time period, DebtBusters has encountered a phenomenal increase in the number of South African consumers seeking its debt counselling services. “Since January 2012, DebtBusters has seen 100% overall growth and is currently servicing double the number of debt counselling clients in comparison to the same period one year ago,” said Wason. “The average amount that clients have to pay towards credit providers when under debt counselling, has also increased drastically, confirming that the debt crisis in South Africa is gaining rapid momentum.”

DebtBusters’ debt counselling process enables South African consumers struggling with debt to reach their financial goals and become debt free. DebtBusters advises the following tips to solve your debt problem:

1. Acknowledge your debt problem: Recognise that you have accrued debt and that you have a debt problem. Set a goal to become debt free.
2. Work out your total debt obligations: List all of your debt obligations, including who you owe money to, the amount still owed and the interest rates attached.
3. Prioritise your debt: Work out a payment plan and move debt obligations with the highest interest rates to the top of your list in order to ensure that they are paid off first, as this will reduce the overall amount of interest you will pay.
4. Draw up a monthly budget: In order to monitor where your money is going, list your income and expenses and constantly review your financial situation.
5. Save money and cut costs: Open up a savings account to put aside money each month. Work out areas where you can cut costs and reduce expenses. Review where you are spending money and try put it to better use where possible.
6. Stop taking on more credit: Refrain from getting into further debt and stop borrowing money until you have successfully become debt free.
7. Sign up for debt counselling:  DebtBusters’ debt counselling process is a formally managed debt solution introduce by the National Credit Act in 2007, enables South African consumers to become debt free fast.

For more information on DebtBusters’ debt counselling process, call 0869 990 606 or email info@debtbusters.co.za