Neil Roets, CEO of Debt Rescue, has voiced deep concern over the financial challenges facing South Africans as they enter 2025. Many consumers are still burdened by the financial strains carried over from 2024, and the situation is becoming increasingly dire.
There is hope that South African Reserve Bank Governor Lesetja Kganyago’s upcoming announcement on January 30th will bring some relief. His decision on interest rates could ease the financial pressure on consumers.
According to Roets, a growing number of credit-active consumers are relying on their credit cards to cope with the ever-increasing cost of living. Stagnant incomes are failing to keep up with these rising expenses, pushing many deeper into debt.
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