South Africans owe more than R1.6 trillion
SOUTH AFRICANS are R1.64 trillion in debt and finding it very hard to get out of the trap. People aged between 31 and 45 collectively owe 53 percent of all outstanding debt. Most of the debt is for personal loans, less than a quarter have any money left after bills have been paid and 40 […]
Education seen as crucial in instiling culture of saving
CEO at Debt Rescue, Neil Roets says South Africans don’t have a saving culture and that is resulting to debt. He says financial education should be the first priority among citizens to assist in their financial challenges. According to a new report released by Debt Rescue, middle-aged South Africans are the most indebted population group. […]
Young South Africans flock to payday loans
Cape Town – Debt counsellors are seeing a sharp increase in the use of payday loans among South Africans in the 25-39 age group. Personal loans make up the biggest portion of the debt type for all ages, except the over-65s, according to statistics from Debt Rescue. The over-65s have more credit card debt than […]
Tips to manage debt
Cape Town – It’s very easy to get into debt, but very difficult to escape once the debt monster has you in its clutches. Here are some practical tips from the experts at Debt Rescue on how not to get into debt in the first place: – Save for luxuries and buy cash; – Draft […]
Biggest red meat price hike looms
South Africans should prepare themselves for the biggest price hike in the cost of red meat later this year as inflation and the drought take their toll, warn experts. Although red meat prices are stable at the moment, consumers should prepare for double-digit price hikes by trying to pay off debt as the increase will […]
Over half of middle-aged South Africans are financially bust
Middle-aged South Africans are the most indebted population group, accounting for 53% of the overall R1,64 trillion owed to creditors, reveals new data by Debt Rescue If you’re between the ages of 31 and 45, the chances are high that you’re drowning in debt. This is according to internal data collated by debt management company […]
South Africans owe more than R1.6 trillion
SOUTH AFRICANS are R1.64 trillion in debt and finding it very hard to get out of the trap. People aged between 31 and 45 collectively owe 53 percent of all outstanding debt. Most of the debt is for personal loans, less than a quarter have any money left after bills have been paid and 40 […]
Shocking number of South Africans are flat broke
New data shows that the age group with the largest amount of debt in South Africa is between 31 and 45 who collectively owe 53% of all outstanding debt. Debt management firm, Debt Rescue’s data showed that South African men and women have now become almost equal in the R1.64-trillion debt they collectively owed to […]
Debt counselling moves up to a million
THE number of highly indebted consumers applying for debt counselling in South Africa has been increasing on a monthly basis according to the National Credit Regulator (NCR) figures. The increase in debt applications comes as consumers are grappling with several price increases which include electricity, essential food items and interest rates in recent months. Kedilatile […]
Managing higher food prices
Substituting pricey goods with cheaper ones can ease the strain THE BARRAGE of bad news can be overwhelming: hikes in fuel prices, food and electricity; the drought; fluctuating rand; high unemployment; a likely economic downgrade; and almost no economic growth. It costs more to farm, so food producers are paying more for raw materials, and […]