Day: March 30, 2017
More consumers struggling with debt
His comments come despite inflation slowing to 6.3 percent in February – from the 6.8 percent seen a few months ago, and the South African Reserve Bank effectively holding the prime lending rate stable at 10.5 percent over the past few months.
Roets says the company has seen a 20 percent growth rate over the past 12 months in clients applying for debt review.
His remarks follow those of Capitec Bank, which on Tuesday noted that applications for debt review grew 19 percent in the year to February, while 15 percent more clients submitted retrenchment letters to the bank.
Capitec notes, in its statement to shareholders, that the “financial stress and economic difficulties experienced by clients during the year were evident.”
http://www.iol.co.za/business-report/economy/more-consumers-struggling-with-debt-8399328
1,000 SA families are losing their homes every month to crushing debt
There has been a substantial increase in financially distressed consumers applying for debt review in the past financial year.
Neil Roets, CEO of debt counselling firm, Debt Rescue, said the company had shown a growth rate of well over 20% in the number of clients seeking debt counselling.
Earlier this week, Capitec bank also reported that it had notched up a 20% growth in its clients that had applied for debt review. The bank said 15% more customers had handed in retrenchment letters as supporting documents to be placed under debt review….
https://businesstech.co.za/news/banking/166959/1000-sa-families-are-losing-their-homes-every-month-to-crushing-debt/