Debt management solutions
Living on a budget may be all it takes to reduce debts and hold onto assets, if your debt obligations are small.
When techniques such as reducing spending, increasing income and following a strict budget aren’t enough to solve financial difficulties, it is important to contact your creditors in order to negotiate a new, more affordable debt repayment plan, where possible.
Contact the respective product areas for more assistance on 0861 22 22 72.
Rebuilding your credit history
When pressured by debt, improving your credit history may be the least of your priorities due to other immediate concerns. However, rebuilding a credit history is essential to ensure a healthy credit record and to assist in future credit applications.
Simple steps to rebuilding a healthy credit history
- Ensure all small debts are paid on time and the debt obligation is settled as per the original contractual agreement.
- When borrowing a small amount of money, ensure the monthly repayments are made according to the terms of the agreement.
- Where a debit order has been arranged for a payment, always ensure the required amount is available in the account on the day of the payment deduction.
Maintaining a healthy credit record by ensuring monthly credit obligations are met will gradually reduce the negative information reflected on the credit report, as credit record information can only be reported for seven years and six months. As time passes, your credit history will gradually contain more positive than negative information, assuming that you manage your finances responsibly.
Managing your debt
Need more help?
Let one of our call centre agents help you get the best credit card for your needs.
Call us on:
0861 462 273
Email us at:
contactcard@absa.co.za