Consumers and credit providers should be cautiousabout misinterpreting a High Court judgment scrapping proof-of-income requirements, reports THERE was mixed reaction to the Western Cape High Court judgment in March scrapping a subsection of the National Credit Act (NCA) that required lenders to obtain documentary proof of income, such as payslips and three months’ bank statements, as… Continued
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President Cyril Ramaphosa signed the National Credit Amendment posted on August 26, 2019
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3 REDIT cards and store cards have their conveniences. They enable you to buy items upfront that you can pay for all in one go at the end of the month. If this is how you are using such cards, a pat on the back for your financial discipline. The trouble sets in when you… Continued
SOUTH Africans have been warned to brace themselves for tough times this year. Debt Rescue chief executive Neil Roets said major price increases are predicted for food and essential items due to the slow economic growth rate. Roets said their statistical analysis of the debt situation in South Africa showed consumers would notch up record… Continued
STAFF REPORTER A RAPIDLY growing number of South Africans are getting into financial trouble by “investing” in cryptocurrencies such as Bitcoin and Ripple. Neil Roets, the chief executive of debt counselling company Debt Rescue, says he was amazed when people driven to the brink of bankruptcy because they had bought into get-rich-quick schemes involving cryptocurrencies… Continued
THE LATEST fuel hike will have a big impact on over-indebted consumers who are advised to budget, plan trips and use public transport if possible to save, say experts. Motorists will pay 45c a litre more for petrol and 63c more for diesel from midnight tonight. Avhapfani Tshifularo, executive director of the SA Petroleum Industry… Continued
FROM midnight tonight, consumers will pay more for fuel and should brace themselves for further increases including that of meat prices by year-end, say experts. The price of petrol will increase by 44c a litre and diesel by 22c. Gwarega Mangozhe, chief executive at the Consumer Goods Council of SA, said the higher price of… Continued
Judgment to benefit the poor Siseko Njobeni THE CONSTITUTIONAL Court judgment on garnishee orders was likely to reduce the risk appetite of lenders and could see “risky” individuals struggle to obtain finance, Fincheck chief executive, Michael Bowren said yesterday On Tuesday the court ruled that aspects of the enforcement of garnishee orders were unconstitutional. Various… Continued
TOUGH times lie ahead for hard-pressed South African consumers as fuel and electricity prices kick in this month. The Department of Energy on Friday announced increases in fuel prices, with effect from Wednesday. Petrol 95 and 93 will rise by 88c a litre and 86c a litre, respectively Diesel 0.05 percent and 0.005 percent would… Continued
Government revenues will, however, continue to remain vulnerable to a further deterioration in economic conditions IN ADDRESSING the persistent budget deficits, as expected, a combination of increased taxes and cost containment has been proposed, with forecasts of a reduction in the budget deficit to 2.4 percent in 2019. With respect to increased revenue, the implications… Continued
NEW VEHICLE and house sales, the two big ticket items of households, are set to be dented by the latest hike in interest rates and expected further rates increases this year. Azar Jammine, the chief economist at Econometrix, said on Friday that the 0.5 percentage point increase in interest rates by the Reserve Bank last… Continued
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