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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

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

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

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