“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
Durban – It’s a bleak payday for millions of South Africans who still have jobs, and it’s going to get worse. One expert warned the global economic crisis caused by the coronavirus pandemic could be as bad as the Great Depression of 1929. Thousands of people have taken advantage of payment holidays banks have offered… Continued
More than a million South Africans can expect to become jobless over the next few months as a result of the deep recession that is expected to slash economic growth by between 5% – 6%. Dawie Roodt, chief economist of the Efficient Group said it was going to be at least as bad as the… Continued
Despite a lot of negativity, including Moody’s downgrade last week, homeowners can still make a substantial difference to their bottom line. For instance, you can start making better lifestyle choices to lower your debt, says Adrian Goslett, chief executive of Re/Max of Southern Africa. “Do whatever it takes now because access to finance will become… Continued
Good financial health may be hard to achieve, but it is not impossible, especially if people are taught how to manage their money from a young age. With this in mind, the Consumer Financial Education Foundation (Confef) and Ithala SOC Limited have started teaching schoolchildren how to better manage their finances through a newly-launched financial… Continued
ANC allies: Moody’s ‘heartless, insensitive’ during Covid-19 crisis Opposition parties blame ruling party’s track record of corruption. The ANC’s allies had some harsh words for sovereign rating agency Moody’s decision to downgrade South Africa’s investment rating to junk status, with the SA Communist Party describing the move as “heartless, insensitive and inconsiderate” in the… Continued
Almost half of 25.1 million credit consumers in SA are behind on payments Impairments by consumers and businesses at the country’s four big commercial banks have increased dramatically – in some categories by more than 70% – compared with the previous reporting period. This is evident from the latest financial results seasons for banks and… Continued
Debt Rescue Urges South Africans to make responsible financial decisions NATIONAL NEWS – Debt Rescue SA has urged South Africans to make responsible financial decisions even with uncertainty around the COVID-19 global pandemic. Photos and videos have gone viral of South Africans panic buying at grocery shops this week. Thousands cleared shop shelves on Monday… Continued
We look forward to the opportunity to get you debt-free!
