Stats SA has revealed that the country’s economy contracted by 0,7% in the first quarter of the year It represents the second conservative contraction quarter-on-quarter and places the South African economy in a technical recession. It follows a GDP decline of 0,3% in the fourth quarter of 2016 and overall economic growth of just 0,3%… Continued
Levels of household debt in Gauteng have escalated over the past two years, the latest Gauteng City-Region Observatory (GCRO) Quality of Life Survey reveals Gauteng residents are finding it harder to save and household consumer debt has risen 10% since 2013, with 40% of survey respondents indicating that they hold some form of debt. “Households… Continued
Middle-aged South Africans are the most indebted population group, accounting for 53% of the overall R1,64 trillion owed to creditors, reveals new data by Debt Rescue If you’re between the ages of 31 and 45, the chances are high that you’re drowning in debt. This is according to internal data collated by debt management company… Continued
Only 21c in every rand is available to the average South African household to pay for living expenses. Despite measures in the last two decades to curb levels of household indebtedness, the rest is used to pay debt What’s more, of the 20 million credit-active consumers in this country, 47% are in arrears on their… Continued
Eskom could earn nearly R40bn if a 25,3% tariff increase it has requested is approved, according to the supplier’s spokesperson. According to Fin24 the National Energy Regulator of South Africa will meet today to discuss whether to grant Eskom’s request for an electricity price hike from July. Neil Roets, CEO of Debt Rescue, said the… Continued
Experts warn that Eskom’s proposed additional tariff increase will have a detrimental impact on consumers CEO of Debt Rescue Neil Roets says the proposed tariff increase, which is currently being considered by the National Energy Regulator of South Africa (Nersa), is going to have a serious impact on consumers. “Consumers will simply not be able… Continued
Amendments to the National Credit (NCA), gazetted on Friday, will make it impossible for unscrupulous debt collectors to collect debt that had prescribed (expired) The changes to the act will mean that if a consumer had not acknowledged a debt for more than three consecutive years either verbally or in writing the debt was considered… Continued
The expected increase in the petrol price of around 80 cents a litre, as well as a substantial increase in the cost of electricity is going to hit consumers hard Independent economist Dawie Roodt says the fuel price increase is largely due to the weakening rand and the increase in the cost of crude oil.… Continued
Gone are the days of extravagant holidays and heavy drinking sessions as more South Africans are expected to scale back on fun in favour of buying food, according to the latest Deloitte Year-End Holiday Survey Tough economic conditions are prompting consumers to be more pragmatic in their spending habits, with more households expected to allocate… Continued
The drop in the retail price of petrol of 69 cents a litre will bring only temporary relief to consumers who jointly owe close to R1,5-trillion rand to credit providers Neil Roets CEO of Debt Rescue, one of the largest debt counselling companies in South Africa said although the price reduction is good news, consumers… Continued
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