“Half of all credit-active consumers were over-indebted before lockdown with at least 3 payments in arrears on one of their accounts”, says Neil Roets. Neil cautions consumers to consider pitfalls of payment holidays offered by SA banks.
The impact of poor economic conditions Poor economic conditions are causing consumers to default on payments, such as bond and loan repayments. The middle class are not only struggling to sell their homes, but they are also struggling to get their asking price. There’s been a growth in the sale of homes below R400 000.… Continued
Price hikes are affecting South Africans If you’re feeling the weight of the price hikes in the country, you’re not alone. While South Africans are in for a rough ride after the recent electricity and fuel hikes, already struggling consumers may have to tighten their belts even more. eNCA speaks to Debt Rescue’s Annaline van… Continued
PRETORIA – Debt counsellors have slammed Pick ‘n Pay’s new initiative offering food on credit. The retailer has joined Woolworths and Massmart in offering credit facilities through in-store cards. But debt specialists have questioned the timing of the launch so close to Christmas, saying already indebted consumers will pay the cost in the end. If you quality… Continued