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
A new survey by debt counselling firm Debt Rescue released on Monday found that 85 percent of South Africans needed help either financially, emotionally, or both as a result of the Covid-19 pandemic. South Africa entered a national lockdown on March 26 in response to the pandemic. From June 1 the national restrictions were lowered… Continued
“The measures are too stringent and could bleed the economy to death.” Although some economic activities were resumed under level 4 of the lockdown, this was not enough to save jobs and put food on the table. This was the view of Debt Rescue CEO Neil Roets. Level 4 has seen some businesses such as… Continued
A new poll from McKinsey & Company shows how South Africans have struggled financially during the country’s stringent lockdown period. South Africa moved to Level 4 of the national lockdown on 1 May, with all agriculture, hunting, forestry, fishing and related services – including the export of agricultural products – permitted to operate. This allowed… Continued
Dawie Roodt, chief economist at the Efficient Group has said he expected the number of unemployed workers who were at risk of losing their jobs to rise from one million to two million between now and the end of the year. The largest survey since the lockdown began, conducted by the Human Sciences Research Council,… Continued
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