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KICK IN: Hikes in fuel price, levies and tolls Debt Rescue is gearing up for one of the busiest periods in its history – CEO. Consumers, already up to their necks in debt, are in for another shock over the next few months. Petrol has risen 74c a litre, while diesel has spiked 91 to… Continued

South Africa is the only country in the world that allows for home loans to be placed under debt review and is a means of protecting consumers and their home. Individuals pledging their lives to one another may well be forgiven for wanting to alter their wedding vows such that “death” is replaced with “debt”.… Continued

Nearly 10 million people in debt arrears. JOHANNESBURG – Rate increases by South Africa’s central bank have left at least 10 million people crippled by debt in a country where many people buy on credit. The result may be a further slowdown in South Africa’s slumping economy, which is now expected to grow just 0.9%… Continued

JOHANNESBURG – Thousands of shoppers queued on Thursday at the opening of one of the largest malls in South Africa, set in middle-class suburbia between Johannesburg and Pretoria. The Mall of Africa will house over 300 shops, including global brands such as Inditex’s Zara, Hennes & Mauritz (H&M), Cotton On and Starbucks. They want to… Continued

South Africa’s retail sales expanded at a slower rate in January, data showed on Wednesday, as yet another sector of the weakening economy succumbed to rising inflation and higher lending rates. Figures showed sales of household furniture and appliances slowed sharply, growing 2.6% year-on-year in January against 6% in the previous month, while sales of… Continued

The South African Reserve Bank’s (Sarb’s) Monetary Policy Committee (MPC) has decided to increase the repo rate by 25 basis points to 6.25%; the prime lending rate is 9.75%. Two MPC members favoured an unchanged stance. Sarb Governor Lesetja Kganyago said risks to the forecast have increased to the downside, mainly due to worsening drought,… Continued

Four key reports have found that South Africa’s consumers are in for a rough ride which is going to translate into more consumers falling ever deeper into the debt trap. Neil Roets, CEO of one of South Africa’s largest debt counselling firms, Debt Rescue, said the reports by the International Monetary Fund (IMF), the World… Continued

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