Streaming issues? Report here
Aubrey Masango 2019 BW Aubrey Masango 2019 BW
The Aubrey Masango Show
20:00 - 22:00
volume_up
volume_mute

Up Next: Best of CapeTalk
See full line-up
The Aubrey Masango Show
20:00 - 22:00
Home
arrow_forward
Business
fiber_manual_record
Lifestyle

Consumers battling to repay debt despite low interest rate cycle amid lockdown

23 July 2020 7:41 PM
Tags:
Debt
Personal finance
David Hurwitz
interest rate
Coronavirus
COVID-19
debt repayment

Bruce Whitfield interviews David Hurwitz (Transaction Capital), who says the proposal to ban blacklisting is a bad idea.

The Covid-19 pandemic and resultant lockdown is causing untold financial hardship for millions of South Africans.

Transaction Capital Limited owns the largest debt collection company in South Africa says CEO Dave Hurwitz, and its quarterly index highlights just how difficult it is for consumers to service their debt.

We have a database of 12-million non-performing South African consumers and we run a real empirical index every quarter and this is the worst reduction in the index we've seen since we've been running it, which is now four years old.

David Hurwitz, CEO - Transaction Capital Limited

Wherever you look, whether you look at the BA reports the banks are issuing... what you're seeing is non-performing loan portfolios and provisioning policies really ballooning out at all of the lenders. The bank's provisions have increased anything from as low as 20% up to as high as 50%.

David Hurwitz, CEO - Transaction Capital Limited

Hurwitz does not agree with the idea government is reportedly currently considering to ban blacklisting of consumers hit hard by the Covid-19 pandemic and lockdown.

If people don't have data, they'll just exit the markets... As soon as there is uncertainty in a lender's mind they'd rather try and lend to someone else... It makes no sense to take information away from people who need to make risk-based decisions.

David Hurwitz, CEO - Transaction Capital Limited

Listen to the full interview in the audio below:


This article first appeared on 702 : Consumers battling to repay debt despite low interest rate cycle amid lockdown


23 July 2020 7:41 PM
Tags:
Debt
Personal finance
David Hurwitz
interest rate
Coronavirus
COVID-19
debt repayment

More from Business

181016-picknpay-edjpg

Pick n Pay buys 'Bottles' delivery app after taking R2.8b knock in sales

20 October 2020 7:08 PM

CEO Richard Brasher discusses the knock Pick n Pay took during lockdown and why it's expanding its online offering.

Share this:
Read More arrow_forward

20180905_Markus Jooste4

JSE slaps Steinhoff with R13.5m fine for breaching listing requirements

20 October 2020 6:33 PM

The maximum penalty was imposed on the scandal-hit company, while criminal investigations are ongoing says JSE CEO Leila Fourie.

Share this:
Read More arrow_forward

Drive-in cinema 123rf 123rfbusiness 123rflifestyle

Drive-in movies return to Cape Town on Friday with 'Back to the Future'

20 October 2020 3:17 PM

Ticket prices start at R240 per car, allowing two passengers (R60 for each additional passenger). It’s free for kids under 12.

Share this:
Read More arrow_forward

City of Cape Town by night 123rf.com

Cape Town in 2024: Electricity – lots of it – with tariff hikes in line with CPI

20 October 2020 1:22 PM

"The blended price [Eskom and city-generated power] won't be a hell of a lot cheaper. But new plants will,” says Kadri Nassiep.

Share this:
Read More arrow_forward

building-access-boom-gate-complex-apartment-security-business-park-flat-entrance

Clock is ticking for property managers to comply with new data collection rules

20 October 2020 12:52 PM

Body corporates and property management firms have until 30 June 2021 to ensure that their record-keeping systems are in line with the new privacy laws in the Popi Act.

Share this:
Read More arrow_forward

ipad-widejpg

South Africans are still spending, though differently - and increasingly online

20 October 2020 12:02 PM

Consumer spending is holding up, but behaviour has changed – perhaps permanently, especially the move online.

Share this:
Read More arrow_forward

Netflix binge watching 123rf 123rflifestyle 123rfbusiness

SABC wants you to buy a TV license for your phone - even if you don't own a TV

20 October 2020 11:15 AM

It also wants Netflix, MultiChoice and other pay-tv operators to collect TV licenses on its behalf.

Share this:
Read More arrow_forward

Waterfront-Cape-Town-wheel-tourism-123rf

V&A Waterfront in survival mode: Hanging on for dear life until tourists return

20 October 2020 8:46 AM

"We’re well off our capacity," says Waterfront CEO David Green. "The last thing we want is to have the Waterfront full of holes."

Share this:
Read More arrow_forward

City of Cape Town by night 123rf.com

Bring back tourism! W Cape govt calls for 'red list' to be scrapped

20 October 2020 8:42 AM

Tim Harris says travel protocols need to be extended to international leisure travel to South Africa in a manageable way.

Share this:
Read More arrow_forward

191213 Floyd Shivambu2

VBS Mutual Bank: 'Floyd Shivambu faces real prospect of being arrested'

19 October 2020 8:01 PM

Bruce Whitfield interviews amaBhungane investigative journalist Dewald van Rensburg about his new book, "VBS: A Dream Defrauded".

Share this:
Read More arrow_forward

More from Lifestyle

Drive-in cinema 123rf 123rfbusiness 123rflifestyle

Drive-in movies return to Cape Town on Friday with 'Back to the Future'

20 October 2020 3:17 PM

Ticket prices start at R240 per car, allowing two passengers (R60 for each additional passenger). It’s free for kids under 12.

Share this:
Read More arrow_forward

Retirement planning  and property personal finances savings

Should you buy or rent after retirement? Here's what this expert advises

19 October 2020 8:46 AM

RealNet's MD Gerhard Kotzé says it is essential to do your homework and suggests it may be advisable to first rent for a year.

Share this:
Read More arrow_forward

Table Mountain Aerial Cableway Cape Town 123rflocal 123rf

Cape Town cableway October special: Tickets R100 for locals

19 October 2020 8:11 AM

Managing Director at TMACC Wahida Parker says the windows of the cars have been removed to allow better air circulation.

Share this:
Read More arrow_forward

mammogram-mammography-breast-cancer-screening-123rf

'The point of breast cancer screening is to catch it before there's a lump'

18 October 2020 10:38 AM

Don't wait until you have symptoms to go for a breast cancer exam, says Dr. Dominique Stott.

Share this:
Read More arrow_forward

books-reading-literature-novel-textbook-education-123rf

John Maytham's Weekly Book Review: 16 October 2020

16 October 2020 4:54 PM

Beloved Afternoon Drive host John Maytham shares his top books of the week.

Share this:
Read More arrow_forward

Table Mountain National Park Cape Town SANParks 123rflifestyel 123rf

Safety on Table Mountain: 'They've got 16 trained dog rangers but no dogs!'

16 October 2020 3:29 PM

Lobby group 'Friends of Table Mountain' wants big improvements in the management of TMNP, but says SANParks is moving too slowly.

Share this:
Read More arrow_forward

swimming-pool-under-water-lanes-aqua-123rf

Some public swimming pools no longer opening as scheduled, says City of CT

16 October 2020 2:19 PM

Six of the 20 public swimming pools that were due to re-open on Friday will now be opened at a later stage due to delays.

Share this:
Read More arrow_forward

YouTube-social-media-app-video-sharing-online-123rf

YouTube's crackdown on dubious Covid-19 vaccine videos long overdue - analyst

15 October 2020 2:14 PM

YouTube has vowed to delete misleading videos about Covid-19 vaccines on its platform in an effort to tackle Covid-19 misinformation.

Share this:
Read More arrow_forward

Cigarette smoking death lungs health 123rf

South Africans are smoking a bit less and buying a lot more life insurance - FNB

15 October 2020 9:38 AM

"People are thinking about their mortality," says Lee Bromfield, Chief Executive of FNB Life.

Share this:
Read More arrow_forward

shots-tequila-alcohol-drinks-bar-club-party-booze-pub-123rf

Winde asks authorities to investigate after Covid-19 spreads at local nightclub

14 October 2020 10:55 AM

Premier Alan Winde has called for a full investigation into how a "super-spreader event" at a Cape Town nightclub led to over 60 Covid-19 infections.

Share this:
Read More arrow_forward