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Consumers delay settling debts

South African’s are waiting too long to settle their financial situations.

money

CAPE TOWN - The National Debt Mediation Association believes too many South Africans wait too long before they do something about their dire financial situations.

The organisation has encouraged people to take control of their finances before they receive summonses.

An estimated 6,000 South Africans apply for debt review every month.

However, the association's Magauta Mphahlele says thousands are still stuck in a debt cycle.

"People are not taking action with regards to their over indebtedness. The majority of South Africans are actually vulnerable to legal action."