Buying food on credit is symptomatic of a bigger problem. Consumers who have experienced a change in their financial standing, either through retrenchments or pay cuts, are in trouble and taking on more expensive debt is only going to make it worse. On 1 June, StatsSA announced that the country’s unemployment rate has continued to worsen, hitting… Continued
19 million credit- active citizens appear to be in financial duress. Inquiries about debt counselling have increased as more than 19 million credit-active South Africans appeared to be over-indebted and the official unemployment rate reached a record high of 32.6% in the first quarter of 2021. Statistics released earlier this year by the SA Human… Continued
A YEAR on from the first hard lockdown, the TransUnion Consumer Pulse survey for the first quarter of 2021 offers some promising insights for South Africans: 76% of the respondents said they were optimistic about the future, and more than half felt confident their household finances would recover within the next 12 months. However, the… Continued
A staggering 94% of those surveyed in a recent Debt Rescue study experienced a cash shortage during the past year. This could be due to changing work statuses. A noteworthy 34% lost their jobs, contributing to South Africa’s unemployment rate breaking through the 32% ceiling, with 22% being retrenched and 17% receiving a pay cut.… Continued
After months of steep fuel price increases, consumers can finally let out a small sigh of relief: the cost of petrol, diesel and paraffin has decreased at the pumps. As of Wednesday 5th May, motorists will pay 9 cents less for a litre of 95 and 93; 31 cents less for diesel 0.05% and 30… Continued
CASH-STRAPPED South Africans can take a breather today as fuel prices decrease, easing the cost of living. Meshel Muzuva, a senior finance and economics lecturer at private higher education institution Mancosa, said yesterday the impact of the decrease in the price of paraffin would result in poorer households witnessing decrease in their cost of living.… Continued
While the decrease in fuel prices will bring some welcome relief for motorists, cash strapped South Africans should budget carefully to cover the costs of owning a vehicle. Debt Rescue’s chief executive Neil Roets said after a bond or rent, a car is likely to be a consumer’s biggest cost. Roets was commenting after an… Continued
A staggering 94% of those surveyed in a recent Debt Rescue study by debt counselling firm Debt Rescue experienced a cash shortage during the past year. This could in large part be because a noteworthy 34% of the 1 300 South Africans polled in March and April reported losing their jobs in the pandemic. Neil… Continued
Experts have warned that the Covid-19 pandemic will leave deep scars in the global economy, with middle-income families expected to shoulder the brunt of the impact. While $26 trillion worth of crisis support and the arrival of vaccines have fueled a faster recovery than many anticipated, the legacies of stunted education, the destruction of jobs, war-era levels of… Continued
A Fin24 reader who was under debt review wants to know why his applications for credit is being denied, after being told that he had paid up his outstanding debt. He writes: I was under debt review and paid up until March 2012. The money was deducted from my salary. When the company stopped deducting… Continued
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