Debt Rescue Urges South Africans to make responsible financial decisions
NATIONAL NEWS – Debt Rescue SA has urged South Africans to make responsible financial decisions even with uncertainty around the COVID-19 global pandemic.
Photos and videos have gone viral of South Africans panic buying at grocery shops this week.
Thousands cleared shop shelves on Monday the day after President Cyril Ramaphosa declared a state of disaster.
Debt Rescue’s Niel Roets said the economic impact of the pandemic would be devastating.
“People are in survival mode so they aren’t thinking about things they buy the way they normally buy. They think they must grab everything they can get whether they can afford it or not.”
He said many people didn’t have the budget to pay for the extra expenses and ended up swiping their credit cards.
“There are also many retailers providing credit to consumers. The problem with this is a case of supply and demand and many are increasing prices.”
Source: Mossel Bay Advertiser
Thousands cleared shop shelves after Cyril Ramaphosa declared a state of disaster. Consumers are urged to make responsible financial decisions during the Covid-19 global pandemic.
Neil Roets from Debt Rescue stated that the economic impact of the pandemic will be devastating. South African are in survival mode and aren’t buying what they normally buy. Many of them are spending money they don’t have.
Listen to our radio interview for more information