Salem Nyati, Consumer Financial Education Specialist at Momentum Group Foundation
When debt becomes overwhelming, sometimes the easiest thing to do is pretend it doesn’t exist. You stop answering unknown numbers and ignore emails. You tell yourself you’ll look at the statement tomorrow, or on Monday, or in the new year. Avoidance is a very human response to anxiety, but ironically, it can only make the stress – and the debt – worse.
Plenty of South Africans lie awake at night worrying about their debt. DebtBusters’ 2026 Money-Stress Tracker found that 72% of the 18,000 people surveyed reported feeling stressed about money, with most of those saying it affected their lives and health. If you’re struggling with debt, remember that you are not alone and that help is available, no matter how overwhelming it might feel right now.
This Mental Health Month, face your finances and get help with your debt, so you can start lifting some of the weight off your shoulders.
Avoiding your debt can make it more expensive
Money problems can quickly become a vicious cycle. Debt causes stress, which can make you want to avoid the problem, but the longer you do, the more expensive the debt can become. Miss a payment and you’ll pay more interest, which means you’ll be paying off your debt for longer. If you stop responding to your credit providers, you may miss the chance to talk to them about your options and how much you can afford to repay.
Stress can also cause you to make risky financial decisions, like taking out an expensive short-term loan. When you’re desperate to get through the month, a payday loan might seem like a lifeline, but borrowing money to pay off existing debt doesn’t solve the problem. Instead, you end up with another repayment and even more interest on what you already owe. If you are in a debt hole, it’s time to stop digging and start dealing with what you owe.
Facing what you owe is the first step towards fixing it
Breaking the cycle starts with doing the thing that is probably making you the most anxious right now: facing the numbers. Get a full picture of your debt, including who you owe, how much you owe and what your monthly repayments are. It may not be a pleasant exercise, but knowing where you stand gives you somewhere to start.
Once you know how much you owe, work out what you can realistically repay after covering your essential living expenses, then speak to your credit providers about your situation. They may be able to offer a more manageable repayment plan. You have to be realistic about what you can afford, because agreeing to a repayment that leaves you short every month will only put you back at square one, with endless sleepless nights.
If you can’t manage your repayments, it’s time to get help
Sometimes, dealing directly with your credit providers will not be enough. If you can’t afford your debt repayments and your living expenses, consider speaking to a registered debt counsellor. You can find one through the National Credit Regulator’s online register. They can assess your financial situation and, if debt counselling is appropriate, help restructure your repayments into something more manageable. A financial adviser can also help you look more broadly at your finances and work out how to use the money you have more effectively.
The important thing is not to wait until you feel you have run out of options before asking for support. Help is available, and you can get through this. You may not solve everything in a day, but knowing what you owe and having a plan to deal with it can make the situation feel less overwhelming.
Instead of lying awake worrying about what might happen or taking on bad debt, you can focus on what you can do next – and start getting some of that weight off your shoulders.
Ed’s note: For more on how to deal with debt, watch this episode of Industry Insights with the Chairperson of the National Debt Counselling Association, Rene Moonsamy, here.
ENDS
