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
Here’s how the government bailouts of SOEs will affect consumers Durban – The bailouts from government to various state-owned enterprises (SOEs) will have a significant effect on consumers, according to Debt Rescue’s Neil Roets. The funds required from government for such bailouts are enormous. Eskom has been granted an additional bailout of R59billion, but without… Continued
A rapidly growing number of deeply indebted consumers are getting themselves into financial trouble by “investing” in cryptocurrencies such as Bitcoin and Ripple. Chief executive of Debt Rescue Neil Roets said he was “amazed” when the first clients started applying for debt counselling who had been driven to the brink of bankruptcy by buying into… Continued
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 rate. Roets… Continued
Cape Town – 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 holiday season. “With major price increases… Continued
Free yourself from debts with these four tips. South Africans were the biggest borrowers in the world in 2014. That’s according to a report issued by the World Bank. Debt Rescue also reports that citizens use more than half of their salary to pay off debts. “More than half of consumers have to use 75%… Continued
We look forward to the opportunity to get you debt-free!
