2017 set to be a difficult year for indebted consumers

December debt and ‘Janu-worry’ woes hanging over your head?

Well, debt counselling group Debt Rescue has some bad news.

2017 is going to be a difficult financial year for consumers, according to Debt Rescue CEO Neil Roets.

He says that more than half of South Africa’s credit active consumers (over 10 million people) are over indebted.

More than half of all credit active consumers are over indebted, meaning that they are in arrears of at least three payments on one of their accounts.

— Neil Roets, CEO at Debt Rescue

Roets advises that it will be particularly tough for consumers who did not budget over the festive season.

He says the increase in petrol and diesel prices will make the situation worse, affecting food inflation as well.

Roets warns against reckless spending or lending, and urges consumers to draw up realistic budgets.

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