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More South Africans turn to debt counselling as economic fallout hits home

Debt Rescue, one of the largest debt counselling companies in the country, says the economic fallout from the Covid-19 pandemic has left many South Africans facing financial ruin.

“We see this clearly reflected in the growing number of folks approaching us, and other debt counselling companies, seeking to be placed under debt review in order to prevent loan sharks and debt collectors from seizing their property.”

He says a recent survey conducted in April and May found that 82% of consumers indicated that Covid-19 had a negative impact on their household income.

“We have seen a double-digit increase in the number of clients coming to us to have us place them under debt review. We expect this increase to continue for the rest of this year and possibly even to spill into next year.”

Roets believes the recent hike in the price of petrol and diesel will only exacerbate the problem.

“The rise of global oil demand has pushed up the price of fuel to the point where it would undo the major price cuts of the previous month.”

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