Guiding consumers since 2009

Over indebted clients will benefit from rate cut

By Staff Writer

With over 60% of South Africa's credit active consumers in arrears on one or more of their credit agreements, consumers with debt received welcome relief with interest rates being reduced by 0.5%.

In a statement on Thursday, debt management company Debtbusters said this would be welcomed by the average over-indebted consumer, as well as business and commerce.

‘We had hoped to see a rate cut by The Reserve Bank at the previous meeting, but at least it has happened now. The consumer debt levels in South Africa are still too high and we need this and hopefully further rate cuts, so that these debt levels can be reduced to more manageable amounts' said Luke Hirst, Managing Director of DebtBusters.

A further development in helping consumers with debt problems went live this week with the major banks and National Credit Regulator, launching a joint national consumer awareness campaign.

Hirst continues ‘This is a fantastic initiative and shows that debt counsellors, the credit providers and the National Credit Regulator are working together to help combat the epidemic of debt that is currently strangling many households and our economy. Debt problems are still not spoken about round the dinner table and this campaign will make more consumers aware that they have other options than just burying their head in the sand'.

Recent Articles

Featured Turn your debt around in 6 months

For many of us, January is the month to set goals, find renewed motivation, and make changes to areas of our lives where we feel that they’re needed. But let’s be honest, as the year and the motivation dwindles, these goals are often forgotten.

Which bank offers the best home loan?

Applying for a home loan can be a stressful experience – from filling out the paperwork to comparing the interest rates and navigating all the potential red tape. But it needn’t be.

6 smart ways to select the best medical scheme

It’s important to belong to a medical scheme that offers great benefits at affordable prices. However, due to insufficient knowledge, many people find themselves paying higher premiums for a medical scheme which does not even meet their needs.

Calculate your vehicle finance instalments

You’ve dreamed of a set of wheels since you can remember, and now that you’re a responsible adult with a steady income, you’re ready to take on funding to make this dream a reality. But what kind of vehicle finance options are available to you? Justmoney gives you the rundown.

Deals

Wimpy Cheese Griller Brekkie Special

Price: R49.90
When: Until 9 September
Where: Nationwide

Mowana Spa Me Time Indulge Special

Price: R899
When: Until 31 August
Where: Fourways

Premier Hotels Weekend Getaway Special

Price: From R540
When: From 1 September
Where: Nationwide