The second wave of Covid-19 is likely to undermine the inroads South African consumers have made into reducing their debt. This positive trend was bolstered by the broad uptake of DebiCheck, the secure debit-order payment system introduced by the Payments Association of South Africa in November 2019, which ensures consumers can’t wriggle out of their… Continued
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
At least 85 percent of all South Africans need help either financially, emotionally or both as a result of the Covid-19 pandemic, according to a recent survey by Debt Rescue. The study found that a further 55 percent required financial assistance but had no access to credit and an additional 96 percent were stressed about… Continued
Payment holidays offered during the April-to-June period 2020 are set to cost South Africans an extra R20.7 billion in debt for the estimated 1.6 million consumers who participated. When the country went into a national lockdown in March, no one fully comprehended the deep, complex and devastatingly profound consequences it would hold for individuals and… Continued
A new survey by debt counselling firm Debt Rescue released on Monday found that 85 percent of South Africans needed help either financially, emotionally, or both as a result of the Covid-19 pandemic. South Africa entered a national lockdown on March 26 in response to the pandemic. From June 1 the national restrictions were lowered… Continued
Durban – It’s a bleak payday for millions of South Africans who still have jobs, and it’s going to get worse. One expert warned the global economic crisis caused by the coronavirus pandemic could be as bad as the Great Depression of 1929. Thousands of people have taken advantage of payment holidays banks have offered… Continued
“The average South African is worse off now than five years ago.” Durban – Unemployment is expected to worsen and already cash-strapped consumers will have to dig deeper into their pockets as South Africa’s economy went into a recession for the second time in two years. According to Statistics SA, load shedding was the number… Continued
LISTEN: Petrol and diesel price decreases bring relief to farmers, but for how long? CAPE TOWN – The latest drop in the fuel and diesel prices of 19c and 55c a litre, respectively, as a result of lower oil prices will provide relief for consumers, according to FNB Cash Investments chief executive Himal Parbhoo. Parbhoo… Continued
Moody’s rating next month is widely expected to be a downgrade to junk. Consumers must avoid falling into a debt trap “like the plague” as the possible downgrade of South Africa’s credit rating by Moody’s next month could undermine the December petrol decrease and the recent Reserve Bank repo rate reduction, experts said. Efficient Group’s… Continued
The National Credit Amendment Bill, signed into law by President Cyril Ramaphosa earlier this week, is not a mechanism to expunge debt for the over-indebted. Rather, it’s an instrument allowing the low-income market access to debt review at no cost. Once Gazetted, debt intervention will be accessible to a market that doesn’t qualify, or is… Continued
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