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
Fiscal deficit: Mboweni may increase taxes Danger of consumers using fuel price decrease as an excuse to start spending. he recent fuel price drop that was favoured by the good performance against the US dollar could be undermined by a tax increase, come from Finance Minister Tito Mboweni’s mid-term budget, and the possibility that ratings… Continued
Privatisation of Eskom vital to restoring the SA economy If the utility struggles to produce power for basic needs, it will leave SA unable to compete in the Fourth Industrial Revolution and the economy in tatters. Eskom’s failure to produce adequate electricity supply could leave South Africa at the bottom of the food chain when… Continued
Consumers are in for a tough time Most consumers cut out luxuries from their spending some time ago. They will also have to start cutting on basic necessities just to stay alive. Although the petrol price is only expected to rise by about 7 cents a litre in June, with diesel likely to increase by… Continued
South Africans are taking out debt for food Imagine taking out debt for food. This has become a horrid reality for South Africans. Many consumers are in debt in a floundering economy. Some are even taking out debt just to feed themselves and their families. The rising petrol price is affecting consumers even more. Motorists… Continued
Government and Eskom debt is huge, ratings downgrade likely – Debt Rescue. Government corruption and mismanagement are to blame for the dire situation consumers face due to the fuel and electricity increase implemented this week. Experts said the electricity hike on Monday and petrol hike yesterday would hit consumers and businesses hard. They predicted that… Continued
Another fuel price drop may only be a temporary reprieve. The country may start the new year positively with a fuel price decrease scheduled for tomorrow, but a tough year is awaiting South Africans, with a series of price hikes that may send the economy into a tailspin. Investors will not jump to invest after… Continued
The fact that the government has by artificial means supported the fuel price to keep it well below the 23c-25c a litre that had been expected will come back to haunt consumers in months to come says economist Dawie Roodt. “There is a set formula that the energy department and economists use to calculate the… Continued
Neil Roets A growing number of deeply indebted consumers are getting themselves into financial trouble by “investing” in cryptocurrencies such as bitcoin and Ripple. I was amazed when the first clients started applying for debt counseling who had been driven to the brink of bankruptcy by buying into get-rich-quick schemes involving cryptocurrencies. Some of them… Continued
Index shows SA is one of world’s most indebted countries. With major price increases for food and other essential commodities on the cards as well as a continued sluggish growth rate predicted for the new year, South Africans are in for a rough ride in 2018. Neil Roets, CEO of debt counselling company Debt Rescue,… Continued
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