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
THE rise in the cost of living is fast outstripping consumers’ incomes. According to Statistics SA (StatsSA), fuel and the price of meat has increased by 9% compared to last year. Primary and secondary education has in creased by 7.7%while books and stationery have gone up by 7.2%. Water and other services have gone up by 7.2%, while… Continued
Increase in cryptocurrency investors applying for counselling THE LATEST investment craze is driving thousands to consult debt counselors as they have found themselves in debt in attempts to find riches. Cryptocurrencies like Bitcoin have seen a rapidly growing number of deeply indebted consumers getting themselves into financial trouble. Financial expert and Debt Rescue chief executive,… Continued
Consumers face squeeze next year,but there is some hop CONSUMERS are in for a rough ride in 2018 and are warned to tighten their belts even further. Neil Roets, chief executive of Debt Rescue, said many South Africans who barely made ends meet during the year have plunged themselves ever deeper into debt over the… Continued
DEEPLY indebted consumers should not sway from their budget by taking on unnecessary debt on goods they don’t need this festive season. This was according to Neil Roets, the chief executive of Debt Rescue, who said indebted consumers already owe more than R1.71 trillion in outstanding debt. Roets said many consumers had already maxed out… Continued
Downgrade can reduce consumers’ disposable income A RATINGS downgrade to “junk status” by agencies could spell bad news for South African consumers, say experts. . Clif Johnston, vice-chairman of the South African National Consumer Union (Sancu) said while South Africa was still waiting for the Standard and Poor’s (S&P) rating, the outcomes so far from… Continued
Rand price of oil has fallen nearly 15% since recent peak in May CONSUMERS could benefit from the stronger rand with the price of fuel set to drop significantly next month. However, this could be offset by other inflationary costs, say experts. Petrol is expected to drop by about 8 Oc/1 and diesel by about… Continued
South Africans should prepare themselves for the biggest price hike in the cost of red meat later this year as inflation and the drought take their toll, warn experts. Although red meat prices are stable at the moment, consumers should prepare for double-digit price hikes by trying to pay off debt as the increase will… Continued
Substituting pricey goods with cheaper ones can ease the strain THE BARRAGE of bad news can be overwhelming: hikes in fuel prices, food and electricity; the drought; fluctuating rand; high unemployment; a likely economic downgrade; and almost no economic growth. It costs more to farm, so food producers are paying more for raw materials, and… Continued
Regulator’s moves to sanction ‘unscrupulous’ credit providers are welcomed by experts Joseph Booysen BUSINESS REPORTER joseph.booysen@inl.co.za EXPERTS have welcomed the National Credit Regulator’s referral of “unscrupulous” credit providers who extended credit recklessly to consumers. The regulator announced on Friday that it has referred 13 credit providers to the National Consumer Tribunal. The referrals follow the… Continued
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