Credit reporting group Experian recently reported that consumers are battling to keep up with their debt repayments and that even first-time defaults are on the rise.
This is not a surprising fall-out from a weak economy which is manifesting in rising living costs, low salary increases and an increasing threat of retrenchments and rising unemployment.
For most, their monthly rent or home loan repayment is their biggest expense and also the most important as it secures the roof over your head. But what do you do when it becomes difficult to keep up with your monthly rent or home loan repayments?
Stuart Manning, chief executive of the Seeff Property Group says that the most important thing is to act as soon as you can to minimise the financial risk.
When you can’t pay your rent