Almost half of 25.1 million credit consumers in SA are behind on payments Impairments by consumers and businesses at the country’s four big commercial banks have increased dramatically – in some categories by more than 70% – compared with the previous reporting period. This is evident from the latest financial results seasons for banks and… Continued
Edward West, The Witness South Africa unexpectedly entered a recession on Tuesday, with a 0,7% quarterly contraction in GDP in the first three months of 2017. When an economy goes into recession, businesses — local and foreign — become reluctant to invest, unemployment increases and those with jobs are unable to get a raise. Consumption… Continued
Hard-pressed South Africans are so worried about losing their homes that they are turning to unsecured debt providers to servicetheir homeloan payments. South African consumers are R1.66 trillion in the red, according to the National Credit Regulator (NCR). The latest data also notes that a big amount of this debt is in the form of… Continued
The slowing in monthly real retail sales growth suggests a possible tough year for retailers. THE year 2016 will go down as a really tough year for the business community in Pietermaritzburg and the broader Midlands as demand slowed in line with the national economy and in most sectors. A bigger problem is that there… Continued
With shopping malls expected to be filled to the brim this December, many people are about to splurge on Christmas shopping, plunging themselves into debt by purchasing expensive gifts for loved ones. According to Neil Roets, chief executive of Debt Rescue, January and February is usually the busiest period for the debt management company. “We… Continued
The surprise victory by Donald Trump in the US presidential race could have negative consequences for indebted South African consumers. Trump’s uncertain policy stance will upset the establishment in Washington to the point that nobody knows exactly which direction he will follow, said Debt Rescue CEO Neil Roets in a statement on Wednesday. Roets said… Continued
Motorists lined up at petrol stations in South Africa on Tuesday evening to fill up their tanks before increased fuel prices kicked in at midnight. On Friday the Department of Energy announced petrol hikes of 52 cents per litre for petrol of all grades and 78 cents per litre for diesel. The Automobile Association (AA)… Continued
THE Reserve Bank’s announcement of a 50 basis point increase in the repo interest rate is another blow to the economy and consumers. Reserve Bank governor Lesetja Kganyago on Thursday cited concerns about rising inflation and the devaluation of the rand as reasons why the repo interest rate was raised to 6,75% from 6,25%. The… Continued
Edward West, The Witness The prices of many vegetables have increased sharply in the three months to January 2016, while the price of maize meal, the staple food of most South Africans, was 21,5% higher per 25?kg bag in January 2016 when compared with the same month a year before, according to the Pacsa Monthly… Continued
LESETJA Kganyago, governor of the Reserve Bank, yesterday announced a hike in the repo rate to 6,75%. This means the prime lending rate will now be 10,25%. The rand strengthened as Kganyago was speaking. Ahead of the announcement, debt experts warned that a hike in interest rates would be devastating for consumers. DebtBusters CEO Ian… Continued
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