According to a TransUnion study, 8 out of 10 South Africans say their household income has been negatively affected due to the pandemic. To help them cover their monthly expenses, consumers have relied on credit to help them through these difficult financial times. To add further fuel to the fire, TransUnion found a clear trend […]
As we near the end of another financially turbulent year amid the Covid-19 pandemic, consumers continue to subsidize their income with short term credit. The latest statistics on credit usage for 2021 paint a worrisome picture. Based on recent studies by TransUnion and the NCR, South Africans are relying more on credit than ever before […]
A dark cloud hangs over the heads of 10.47 Million people in South Africa. Unmanageable debt. If you’re one of the millions of South Africans with an impaired credit record and crippling debt, how do you compare? Millions of South Africans cannot live without credit every month. And millions are already blacklisted due to their […]
Did you know that 81% of households in South Africa consider access to credit important? But only 33% believe they will be granted access to credit and lending products if they apply. The National Credit Regulator found that 40% of credit-active South Africans have impaired credit records. Financial institutions consider these consumers a credit “risk”. […]
Many of us believe that having more money in the bank would solve our financial problems. And although we all can agree that having more money would certainly lift the pressure, it’s not really a solution. Many of us just simply don’t have the opportunity to increase our income in the way we would like. […]
Let’s talk about debt recycling. And yep this really exists. It’s also incredibly risky… Debt Recycling is when you pay a balance towards your credit card, overdraft, or revolving loan but then continue to use the amounts you’ve paid towards your debt throughout the month. A study showed that as many as 70% of South […]
It has never been more difficult to be a single mom than it is right now… The National Debt Advisory (NDA) found that 70% of women ran out of money before the end of the month. And 65% of women experienced a reduced income while taking on more domestic responsibility during the pandemic. Single moms […]
There are many misconceptions about debt counselling and debt consolidation loans. Many consumers believe that this is the same process. In fact, the two are very different. And one has the potential to leave you in a worse position than before… When it comes to our finances there are many options to consider when financial […]
In 2020 the University of Cape Town found that the South African middle class declined from 6.1 million to 2.7 million between 2017 and 2020. That’s a 56% reduction. And the ultra-poor individuals have increased by 6.6 million individuals, a 54% increase. It is evident that the South African middle class is shrinking. And it […]
Do you feel overwhelmed when you look at your finances? Millions of people are struggling financially every single month. In fact, according to the latest statistics from the National Credit Regulator, almost 50% of credit-active consumers have impaired records. Many aspects of personal finance and debt can be confusing. Most of the time, you feel […]
We look forward to the opportunity to get you debt-free!
You can start your application process already. Simply download your assessment or fill in our online application and get one step closer to becoming debt-free with Debt Rescue!
