2017 set to be a difficult year for indebted consumers

December debt and 'Janu-worry' woes hanging over your head?

Well, debt counselling group Debt Rescue has some bad news.

2017 is going to be a difficult financial year for consumers, according to Debt Rescue CEO Neil Roets.

He says that more than half of South Africa's credit active consumers (over 10 million people) are over indebted.

More than half of all credit active consumers are over indebted, meaning that they are in arrears of at least three payments on one of their accounts.

Neil Roets, CEO at Debt Rescue

Roets advises that it will be particularly tough for consumers who did not budget over the festive season.

He says the increase in petrol and diesel prices will make the situation worse, affecting food inflation as well.

Roets warns against reckless spending or lending, and urges consumers to draw up realistic budgets.

Have a listen to Debt Rescue's advice:


Recommended

by NEWSROOM AI
Read More
CoCT responds to accusations of unfair labour practices for parking marshals

CoCT responds to accusations of unfair labour practices for parking marshals

The City says parking management responsibilities have been subcontracted to a company called Street Parking Solutions.

[LISTEN] CapeTalk's Pippa Hudson talks all things diabetes #CheckWhatMatters

[LISTEN] CapeTalk's Pippa Hudson talks all things diabetes #CheckWhatMatters

14 November is World Diabetes Day and Pippa presents a live broadcast from the Mediclinic in Stellenbosch.

How to beat financial ill discipline over the festive season

How to beat financial ill discipline over the festive season

CEO of Debt Rescue, Neil Roets, says budgets over this time of year are essential to stay out of debt.

How to avoid overspending on Christmas goodies

How to avoid overspending on Christmas goodies

As many people prepare for that big Christmas family lunch, consumer journalist Wendy Knowler cautions consumers on overspending.

Why do we overspend during Christmas?

Why do we overspend during Christmas?

Prof Pierre Joubert looks into the psychology around overspending during the festive and what can be done to avoid it.

Why material things aren't everything (and when to let go of the stuff)

Why material things aren't everything (and when to let go of the stuff)

You don't have to be a billionaire to be happy, insists Dr. Schomer. Many people with a lot of money can still feel dissatisfied.

Popular articles
[LISTEN] Beware of the 'money bomb' scam this festive season!

[LISTEN] Beware of the 'money bomb' scam this festive season!

CEO of SA Banking Risk Information Center, Kalyani Pillay chats about the new festive season scam that's robbing people blind.

I broke my cell & deactivated my account after I saw Gigaba's vid - Coconut Kelz

I broke my cell & deactivated my account after I saw Gigaba's vid - Coconut Kelz

In the Current Affairs segment, satirical comedian Coconut Kelz chats about the real reason behind Malusi Gigaba's resignation.

Angry customer stops at nothing to expose bad service at upmarket hotel

Angry customer stops at nothing to expose bad service at upmarket hotel

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone Viral'.

Motorist who killed two goslings has been identified

Motorist who killed two goslings has been identified

According to the SPCA, he will be charged with contravention of the Animal Protection Act.

3 risks to your retirement savings (and how to mitigate each of them)

3 risks to your retirement savings (and how to mitigate each of them)

Only 5% of South African retirement fund members will retire comfortably. Bruce Whitfield interviews advisor Warren Ingram.

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.