Durban – South Africans, buckling under the strain of rising fuel costs and increases linked to the one per cent VAT hike are turning to store cards which could lead to even more household debt. This is according to Neil Roets, CEO of debt counselling firm, Debt Rescue who said the number of store cards… Continued
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Correction: This article has been amended to clarify that the R1bn refers to the total credit facility made available by Pick n Pay for cards. It does not refer to credit already taken up by customers, as Fin24 wrote in a previous version of this article. Johannesburg – Pick n Pay says it has granted R1bn… Continued
The decision by the South African Reserve Bank to keep the repo rate steady at 6.75% as well as the expected decrease in the price of petrol and diesel will give deeply indebted consumers a welcome break after the body-blows of last year’s string of downgrades and fuel price increases. Neil Roets, CEO of Debt… Continued
South Africa’s economic woes are expected to continue into the last quarter of the year – with the first major blow coming in September when petrol prices are expected to increase by as much as 60 cents a litre, hitting consumers like a ‘ton of bricks’. The latest data from the Central Energy Fund points… Continued
New data shows that the age group with the largest amount of debt in South Africa is between 31 and 45 who collectively owe 53% of all outstanding debt. Debt management firm, Debt Rescue’s data showed that South African men and women have now become almost equal in the R1.64-trillion debt they collectively owed to… Continued
In addition to an expected big increase in the price of red meat, consumers should also brace themselves for an 18 cents a litre hike in the price of petrol. Which in turn will have a knock-on effect on the prices of all other commodities, warned Neil Roets, CEO of debt management firm Debt Rescue.… Continued
More than 11.4 million people in South Africa collectively save about R49 billion a year through stokvels, and this number is set to increase as factors such as the weak rand, high inflation, increasing food and electricity costs put pressure on consumers’ budgets, making it difficult to save. Pick n Pay announced a new partnership… Continued
Cape Town – A widely expected rate hike by the South African Reserve Bank (Sarb) on Thursday is going to have a devastating impact on consumers, Debt Rescue CEO Neil Roets told Fin24. He said all indications are that Sarb will increase the repo rate by 0.5%. This comes on top of a proposed 8%… Continued
Eskom’s greed will plunge large numbers of consumers and business into debt according to an economist and a debt expert. Last week Eskom made an urgent application to the National Energy Regulator of South Africa (Nersa) to increase the electricity tariff by 25.3% for the 2015/2016 financial year. This includes the 12.69% price increase that… Continued
Amendments to the National Credit Act (NCA), gazetted on Friday (13 March), will make it impossible for ‘unscrupulous’ debt collectors to collect debt that has expired. The changes to the act will mean that if a consumer had not acknowledged a debt for more than three consecutive years either verbally or in writing the debt… Continued
Johannesburg – While lower inflation and the expected further drop in the fuel price in February was to be welcomed, consumers should not see this as an opportunity to stack up even more debt, warned Neil Roets CEO of Debt Rescue on Thursday. “What we hope for is that the retail sector takes cognisance of… Continued
We look forward to the opportunity to get you debt-free!
