How to fight financial depression in a Weak South African Economy
Many South Africans are living in debt due to a weak currency and economy. According to the National Credit Regulator (NCR), 25 million consumers are living in debt and 40% of these consumers are behind with repayments. Monthly we see fuel costs rising and as soon as the fuel prices increase it means it will be more expenses to buy food and consumables. It will cost more to transport products from A to B. This cost increase will be passed down to the struggling consumer who has no alternative but to bear the cost to acquire these products causing consumers to go into deep debt. In South Africa’s struggling economy the cost of living has skyrocketed and South Africans have a reluctance to change their quality of life and are making use of credit and loans to maintain this quality of life. If you are one of the millions of South Africans affected by debt and bad debt, you might be prone to depression due to bad debt. Avoid at all cost of falling into depression due to debt, bad debt and blacklistings. Consider making a plan to combat financial headaches, bad debt and debt.
According to research carried out by the London School of Economics and Political Science, in South Africa, depression costs the nation more than R232 billion. Similarly, the latest study by Momentum discovered that around 27 per cent of staff go to work but are distracted, and businesses are losing an estimated R25 billion a year owing to absenteeism due to financial depression. For these employees, one of the biggest distractions was struggling to cope with existing debt or unplanned expenses. The study recommended interventions such as training in employee debt management and financial education programs. The National Act promulgated debt counselling as an effective legal way to combat financial stress and to address over-indebtedness and bad debt.
Financial depression is not an easy thing to fight, especially when you think about factors beyond your control like the weak economy, rising food prices and the ever-increasing fuel prices. Rather than wondering where it all went wrong or how your depression even started in the first place, formulate a plan to combat your debt. Debt counselling is the quickest way in combatting debt. You will experience immediate relief and legal action will stop instantaneously.
Dealing with Financial depression:
- Alcohol and drugs
Shame: The worst thing you can do is try to hide a bad financial situation from others. Don't let yourself be isolated by shame, which is very common, let others in and let them know how hard things are financially. It is not easy to tell others about the fact that you have depression but telling those close to you about your depression. You can let them know you need them to be there for you to provide emotional support. Reach out to your loved ones and don't let anybody isolate you from your depression.
Guilt: is the most prevalent cause that can lead to depression, but the simplest way to beat it is likely to avoid putting blame on yourself. In most cases, your current financial situation is not your fault, and blaming yourself will not help you in any way. Guilt can make you feel completely inadequate and can make depression symptoms worse.
Alcohol and drugs: were recognized to aggravate the symptoms of depression. When you're depressed, it may be tempted to drink alcohol more often, but don't do it, no matter how difficult you find it to cope. Drinking and drugs will affect your brain chemistry, which can ruin your relationships that matter in your life. Research has shown that not only can economic instability lead to depression; it can also have a negative effect on the economy. Depression impacts about one in four South Africans, according to the South African Depression and Anxiety Group (SADAG). According to the South African Department of Health, around 400 million individuals around the globe are suffering from mental or neurological disorders or psychosocial issues. Such illnesses vary in severity and include alcohol and drug abuse-related diseases.
Repossessions: If you are behind on your payments for home loans, debt counselling and debt assessment will help keep your most prized assets secure from repossession. Debt counselling is an efficient program to help customers financially rehabilitate themselves and free themselves from debt. The debt counselling process is covered by the National Credit Act and the process of debt counselling is dedicated to financially assisting individuals.
We are a debt management specialist and will educate our clients on effective debt management. Take control of your finances before your debt situation turns to depression. Taking action as soon as you see the warning signs will counter the drastic effects of depression. Our services include debt counselling, credit clearance, debt review, settlement negotiations and reckless lending investigations.
Each client will be dealt with complete confidentiality. Should a client be in need of Gambling, alcohol and drug treatment professionals we will refer to specialists to assist.