Debt Rescue CEO Neil Roets warns that simply stopping payments is not a
solution either. “This will lead to rapid legal action, potential asset
repossession and skyrocketing legal fees,” he says.
He also cautions against borrowing from unverified informal lenders to
cover daily shortfalls, as this can deepen the debt spiral.
“It’s not always the big bills that hurt your pocket,” Roets adds, saying that
small monthly costs such as debit orders and bank fees can quietly eat
away at your money. Check these regularly – you may be surprised by how
much you’re spending without noticing.
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