Cape Town – Consumers are fighting a losing battle against the rising cost of living amid a barrage of bleak economic indicators. South Africa is in a technical recession, its unemployment rate is on a 14-year high, it has suffered junk status gradings by two ratings agencies and on top of that, it faces potential… Continued
Cape Town – South African consumers face a debt crisis after the country entered a technical recession in 2017, according to Debt Rescue CEO Neil Roets on Friday. “We have been living through the recession for the past couple of months,” he said. “It has had a big impact on consumers. More than 10 million… Continued
Cape Town – Government’s intention to implement a debt forgiveness programme for over-indebted households poses a major threat to the financial sector, according to Neil Roets, CEO of debt management company Debt Rescue. In a discussion document presented to Parliament, MacDonald Netshitenzhe, acting deputy director general at the consumer and corporate division of the Department… Continued
Cape Town – Debt is so terribly easy to incur – and so terribly difficult to get rid of. With South Africans said to be the biggest borrowers in the world, just about every single person needs to take a look at these debt-busting tips from Neil Roets, the CEO of Debt Rescue. While these… Continued
The continuous drought, the likelihood of an electricity price hike and the probability of a tax increase early this year is going to squeeze consumers to the maximum, according to Neil Roets of Debt Rescue. He said the depreciation of the rand will increase the woes of severely strained consumers during the early part of… Continued
The year 2016 holds a dire outlook for consumers, debt experts warned. Referring to building cost pressures on severely strained consumers, DebtSafe MD Wikus Olivier told Fin24 their only means of survival will be to adopt and cultivate a simpler lifestyle. Over and above the usual factors that impact consumers’ pockets, such as the fuel… Continued
The matric class of 2015 is facing the stark reality that fewer than four in every 10 matriculants are going to get jobs, according to Neil Roets, CEO of debt management firm Debt Rescue. This means close to 500 000 unemployed youths will be joining the ranks of the unemployed this year and mostly candidates… Continued
South African consumers will probably continue to face stricter lending regulations by banks following the SA Reserve Bank’s (Sarb) decision to increase the repo rate by 25 basis points to six percent. Interest rates effectively increased to 9.5 percent per annum. Gary Palmer, chief executive of Paragon Lending Solutions, said: “An interest rate hike has… Continued
Granting Eskom’s request to hike the price of electricity by a further 12.61 percent would have a “devastating” effect on the South African economy, analysts have warned. This comes as the National Energy Regulator of South Africa (Nersa) revealed it would decide by the end of this week whether to grant the embattled power utility… Continued
The changes to the act means that if a consumer had not acknowledged a debt for more than three consecutive years, either verbally or in writing, the debt is considered prescribed and has effectively lapsed. Neil Roets, CEO of debt management company Debt Rescue said consumers should note that if they have made any payments… Continued
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