Credit can be a great enabler when building wealth, but when it's used recklessly, the consequences are disastrous. Filing for sequestration and losing all you own is a nightmare. And debt counselling is no walk in the park either. All your lines of credit are cut until you've paid off all your short-term debt and caught up on the arrears on your long-term debt.

On average, 12,300 people apply to go under debt counselling every month, says the National Credit Regulator's most recent annual report...

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