Average debt of each South African revealed
The latest data from the National Credit Regulator (NCR) shows that South African consumer debt has increased to R1.63 trillion in the second quarter of the year. Worryingly, despite a majority of credit active consumers are in good standing with debt payments, almost 45% are struggling to meet their repayments. According to data from debt […]
Double whammy diesel hike
Johannesburg – The 53c a litre hike in the cost of diesel will not only badly affect heavily-indebted motorists who have opted away from petrol, but will also have a knock-on effect on items such as food. This is according to Neil Roets, CEO of Debt Rescue, who says the hike in diesel and in […]
Severance should come with counsel, says survey
INSURANCE brokers, steelworkers, call centre agents, retail assistants, bank clerks and public servants who have been hit by retrenchments all wish that employers rendered financial advice before giving their employees severance packages. More companies are going into liquidation because of the tough economic operating environment in SA, while the advent of automation in the workplace […]
Avoid falling into the debt trap
Pretoria – Getting a phone call from a sales consultant offering a new “affordable” cellphone contract or something similar is guaranteed almost every week. The same goes for text messages offering personal loans. Even when the receiver is not interested, the consultants hardly ever take “no” for an answer. Minister of Trade and Industry Rob […]
Job applicants with adverse credit listings increasing
The credit amnesty, granted to deeply indebted consumers with adverse credit records in April 2014, appears to have failed, as rapidly escalating numbers of adverse listings pile up. Kirsten Halcrow, the CEO of EMPS, the oldest background screening company in South Africa said there had been a substantial increase in the number of negative listings […]
Credit amnesty ‘backfires’
Johannesburg – A background screening company is warning that the credit amnesty, granted to those in over their heads last year, has backfired because adverse listings are piling up. The state earlier this year allowed heavily indebted consumers the opportunity to wipe the listing slate clean, although this did not expunge the debt. This credit […]
Credit amnesty ‘proving futile’
Debt levels rise again after slates cleared IRRESPONSIBLE financial behaviour is on the rise again. This signals that South Africans did not change their spending habits after the credit amnesty granted to deeply indebted consumers with adverse credit records, which had aimed to offer consumers a clear slate‚ experts say. EMPS chief executive Kirsten Halcrow […]
Bad debts stack up
IRRESPONSIBLE financial behaviour is rising again‚ signalling South Africans did not change their spending habits after the credit amnesty granted to deeply indebted consumers with adverse credit records that had aimed to offer consumers a clear slate‚ experts say. Kirsten Halcrow‚ CEO of EMPS‚ the oldest background screening company in South Africa‚ said in a […]
7 things you need to know about debt in South Africa
Statistics compiled by debt management firm, Debt Rescue show that South African consumers owe the bulk of their monthly salaries to creditors. The group found that consumers owe as much as three quarters (75%) of their monthly pay to creditors, marking a 31% jump in new clients in need of debt rescue in the first […]
DR: New survey shows South Africans are getting ever deeper into debt
Shocking statistics compiled by one of South Africa’s largest debt management companies has shown that consumers owe more than 75% of their monthly pay checks to creditors. It had also shown that South Africans are woefully ignorant of their rights in relation to expired (prescribed) debt that does not have to be repaid and the […]