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 New homeowner? Be aware of these extra expenses

You’ve overcome all the hurdles of buying a home. You’ve managed to pay your deposit and your closing payments, and now you’re a proud title deed holder. However, there are other expenses waiting around the corner. Are you prepared?

Your biggest credit conundrums – answered

Understanding your credit health is one of the most important factors in managing your finances. This is because it gives you insight into your debt, your borrowing ability, and your financial history. While many understand this, there are still many questions on how to do just that.

Avoid debt collectors, choose debt counselling

There are two things you can do when you are struggling to pay your debt. You can either let your creditors hand your debt over to debt collectors – or you can let debt counsellors help you deal with your debt.

Retail notes: easy investment option for new investors

Being a newbie in the world of investing can be challenging because you don’t know where and how to invest. With so many investment options, you could easily be befuddled. Justmoney looks at how retail notes can help you cut your teeth in the world of investing.   

Deals

Translux Student Discount

Price: Depends on destination
When: Daily
Where: Nationwide

Zimbali Senior Citizens Discount

Price: From R1342.00
When: Until 14 December 2019
Where: KwaZulu Natal

Free meal for kids at Mozambik Restaurant

Price: Free
When: Until 15 November 2019
Where: Johannesburg, Durban, Pretoria