‘WHILE Experian South Africa found that the rate of first-time consumercredit defaults improved in quarter four (Q4) of last year, consumer debthas increased to R1.81 trillion. Experians Consumer Default Index (CDI) for the last quarter showed animprovement, down from 4.68 in September 2020 to 4.07 in December2020. The index tracks the marginal default rate as… Continued
Durban – SOUTH African consumers are financially stressed and defaulting on their debt repayments due to retrenchments, and the situation is likely to worsen before it improves despite anticipated economic growth in 2021. Economists and debt counsellors yesterday said many consumers were struggling to repay their debts as credit providers now aggressively pursue collections following… Continued
The firmer rand and softer international petroleum prices will see the prices of petrol drop by 27 cents from today.
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
A FUEL price drop is expected next week. Motorists and logistics companies are to have some relief as the petrol price is expected to drop by an estimated 60c and the drop in the price of diesel is to be between 6c and 10c a litre. Neil Roets, Debt Rescue chief executive, said had finance… 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
Shain Germaner ECONOMISTS are divided on exactly how badly the repo rate hikes will affect the average South African in debt, although a few are saying that yesterday’s hike is good news. Yesterday afternoon the SA Reserve Bank announced it would increase the repo rate by 50 basis points. According to the bank’s governor, Lesetja… Continued
Debt Counselling aims to help over-indebted consumers get out of the debt trap. When I was in high school, the father of a close friend of mine shot himself dead at home. My schoolmates and I found it difficult to understand why he had done this — he’d always seemed so upbeat about life, and… Continued
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