Cape Times


The industry’s top experts offer their best advice, research, how-to’s, and insights

SOUTH African consumers are financially stressed and defaulting on their debt repayments due to retrenchments and the situation is likely to worsen before it improves despite anticipated economic growth in 2021.

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 […]

Nokuthula Zwane SOUTH Africans have been warned to brace themselves for tough times in the new year. Debt Rescue chief executive Neil Roets has cautioned consumers to enjoy the festive season responsibly and not get in debt. He said major price increases are predicted for food and essential items due to the slow economic growth […]

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 one of the lar­gest credit management corporates in South Africa, said the […]

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 aspects of the enforcement of garnishee orders were un­constitutional. Various […]

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 rocketed to 19 097. Over a three-year period, the tribunal’s case load […]

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 quarter have any money left after bills have been paid and 40 […]

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 to 2.4 percent in 2019. With respect to increased revenue, the implications […]

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