Debt

Learn about all things debt related – developments in the credit industry, debt solutions, debt counselling, debt consolidation and more.

recession in south africa

Consumers urged: no to debt during recession

Recession is a hard time in any circumstance, from increased rates to decreased value for money, consumers can feel the pinch out of nowhere. As South Africa enters into a technical recession, the National Credit Regulators have urged consumers to stay away from new or unneeded debts in our worsening economic climate.

In early June, Statistics South Africa announced that the country’s economy moved into a recession after the GDP contracted in two consecutive quarters- showing negative growth in the first quarter of 2017 and GDP contraction of 0.3% in the fourth quarter of 2016. While this is bad for the country overall, those with debt stress will have an even gloomier image in front of them.

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banks in south africa

Banks don’t want your house

Surprisingly enough, the banks don’t want your house, so when it comes to repossession of assets…remember there is always a plan to be made. Usually one of the biggest monthly expenses, also becoming one of the biggest financial headaches for consumers, home loans are a daunting element of life that many face. When you are battling to keep up with bond repayments, remember there is always a helping hand. Whether speaking to the bank, or getting advice from the National Debt Advisors, make sure to manage your debt responsibly. Continue reading

sa consumer south africa

The SA consumer in 2017: hold on tight

While the aftershock of 2016 still rings in the ears of the SA consumer, we look to the year ahead with high hopes and positivity…well we did at least. What seems to be a bumpier ride than the year before, it is time for consumers to buckle their seat belts and hold on tight.

With special warning towards those toying with over indebtedness, 2017 is forecast to be a bumpy ride, creating an atmosphere within which those who struggle with debt have to tighten their wallets and control their spending if they want to make it through the year. With a January petrol hike making basic expenses even higher, coupled with a range of other increases and policy tweaks, the over indebted are soon to be in dire straits.

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