Consumers need to understand their rights, pitfalls of loans
THE guilty verdict against Lewis Stores for infringing the National Credit Act by the National Credit Regulator (NCR) was just the tip of the iceberg and many more listed and privately-held entities extending loans were guilty of these practices.
Neil Roets, CEO of …Read More
Ruling on garnishee orders to cut lending
Judgment to benefit the poor
Siseko Njobeni
THE CONSTITUTIONAL Court judgment on garnishee orders was likely to reduce the risk appetite of lenders and could see “risky” individuals struggle to obtain finance, Fincheck chief executive, Michael Bowren said yesterday
On Tuesday the court ruled that …Read More
Reckless lending rockets despite law
DESPITE the practice being outlawed, reckless lending continues unabated – so much so that the National Consumer Tribunal (NCT) has received double the number of complaints.
The tribunal dealt with 9 589 cases in 2014/15 and in the 2015/16 financial year this figure …Read More
South Africans owe more than R1.6 trillion
SOUTH AFRICANS are R1.64 trillion in debt and finding it very hard to get out of the trap.
People aged between 31 and 45 collectively owe 53 percent of all outstanding debt. Most of the debt is for personal loans, less than a …Read More
Fuel and electricity hikes add to gloom
TOUGH times lie ahead for hard-pressed South African consumers as fuel and electricity prices kick in this month.
The Department of Energy on Friday announced increases in fuel prices, with effect from Wednesday. Petrol 95 and 93 will rise by 88c a litre …Read More
Reaction is pointing to a balanced Budget
Government revenues will, however, continue to remain vulnerable to a further deterioration in economic conditions
IN ADDRESSING the persistent budget deficits, as expected, a combination of increased taxes and cost containment has been proposed, with forecasts of a reduction in the budget deficit …Read More
Interest rate hike dents new car and house sales
NEW VEHICLE and house sales, the two big ticket items of households, are set to be dented by the latest hike in interest rates and expected further rates increases this year.
Azar Jammine, the chief economist at Econometrix, said on Friday that the …Read More
Plans to spend more on Christmas shopping
SOUTH AFRICA’S higher and middle-income consumers plan to spend 34 percent more this Christmas than they did last year, according to a new survey
But the Acentric Christmas Shopping Intentions Survey 2014 found most of the buying will be for food, clothing and …Read More
Christmas shopping
SOUTH AFRICA’S higher and middle-income consumers plan to spend 34 percent more this Christmas than they did last year, according to a new survey
But the Acentric Christmas Shopping Intentions Survey 2014 found most of the buying will be for food, clothing and …Read More
Repo rate increase will hit consumers hard
With the petrol price scheduled for a 10 cents a litre increase and the escalation in the lending rate of .25% announced by the Reserve Bank, deeply indebted South Africans are in for a torrid time.
With some 21.71 million credit-active consumers collectively …Read More