A likely rise in bankruptcies, electricity supply constraints, a poor jobs outlook, and material fiscal constraints, do not set South Africa’s expected economic recovery on a good path, says Sanisha Packirisamy, economist at Momentum Investments. In a note on Tuesday (5 January), Packirisamy said that a resurgence in Covid-19 cases and tighter restrictions could also… Continued
Cape Town – South Africa’s already cash-strapped consumers will have to dig deeper into their pockets as petrol, diesel and illuminating paraffin are set to increase in price and experts have warned that the hikes foreshadow further shocks to the economy in the months to come. On Monday, Mineral Resources and Energy Minister Gwede Mantashe… Continued
At least 85 percent of all South Africans need help either financially, emotionally or both as a result of the Covid-19 pandemic, according to a recent survey by Debt Rescue. The study found that a further 55 percent required financial assistance but had no access to credit and an additional 96 percent were stressed about… Continued
With the cost of living having gone up, coupled with job losses and salary cuts, more and more South Africans have found themselves drowning in debt. For some, going under debt review is an option. A recent survey by Debt Rescue found that 85% of all South Africans need help either financially, emotionally or both… Continued
Payment holidays offered during the April-to-June period 2020 are set to cost South Africans an extra R20.7 billion in debt for the estimated 1.6 million consumers who participated. When the country went into a national lockdown in March, no one fully comprehended the deep, complex and devastatingly profound consequences it would hold for individuals and… Continued
South African employees are taking second jobs and resorting to expensive short-term loans just to make it through the month, a new survey reveals. Most employees surveyed were unable to make their income last even until month-end. Emergency expenses, such as car repairs and unforeseen medical bills, accounted for 31% of respondents’ additional funding needs.… Continued
‘Virtually the entire population of this country are in deep trouble and have no idea where or how help is coming from,’ said Debt Rescue CEO Neil Roets. The number of deeply indebted consumers in South Africa over the past three months has risen sharply compared to the same period last year, The Citizen reports.… Continued
South Africa’s overall GDP is expected to decline by at least 5.1% and up to 7.9% in 2020 and recover slowly through 2024, the United Nations Development Programme (UNDP) has warned. This will lead to major setbacks in addressing poverty, unemployment and inequality, according to the UNDP’s latest study on the socio-economic impact of Covid-19… Continued
A growing number of corporate executives and other top earners are applying for assistance with their debt, says Neil Roets, chief executive office of debt counselling company Debt Rescue. “Our experience on the ground shows that an alarming number of consumers are unable to repay their debt. The extent of their indebtedness has also grown… Continued
This webinar was hosted by Debt Rescue and the Mail & Guardian. It featured, from Debt Rescue, Neil Roets, Founder and CEO; Annaline van der Poel, COO; and Pascal Sinclair, Chief Relations Officer. Arecent poll run by Debt Rescue found that 85% of South Africans have been affected by the Covid-19 crisis, and only 11% said… Continued
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