The CEO of Debt Rescue, Neil Roets, has encouraged Gauteng consumers to draw up a budget and to stick to it.
Tough times lie ahead for consumers in the province as the cost of living will from Wednesday become more expensive.
The first phase of the new e-toll dispensation comes into effect on Thursday, coupled with an increase in the price of fuel.
Speaking on SAFM AM Live show, Roets says the increases are going to have devastating effects on the consumers. He also says interest rates are going to increase later this year.
Roets says, “In light of the electricity price hikes that we have been seeing and there is a big probability that we are going to see interest rates going up later this year, everything just contributes to consumers having a tough time. Almost half of credit active consumers are over indebted. Consumers should draw up a budget and stick to it and make provisions for unforeseen circumstances. People must know their rights. If they find themselves in this situation where they are indebted, then there is help in the form of counselling which is provided by the National Credit Act.”