Have you finally reached the end of a downward spiral? With the current slow economic and employment rate, higher interest rates and restricted access to credit, as well as regular food, water and electricity increases – thousands of South Africans are teetering on the edge of insolvency. And it’s not going to get any easier with Christmas on the horizon! […]

I think we can all agree that there is no worse feeling than being neck deep in debt. Debt can be a killer, and not only can it take its toll on your emotional, mental and physical health – debt is a known destroyer of businesses and marriages. It is no secret that the world economy has hit hard times which means household and business debt is climbing. People are struggling to pay their debts on their time or even pay them at all, and if you think you’re alone, you will shocked to learn that you are one of millions. […]

Over-indebtedness is a serious issue facing millions of South African consumers today. In fact, according to the National Credit Regulator, out of the 20 million credit active consumers, 10 million have defaulted on their bond, car, credit card, and retail payments. And what’s more, out of those 10 million defaulters, over 6,5 million are blacklisted with South Africa’ credit bureaus! And these numbers are only climbing! […]

Everybody runs into debt now and then; it is almost unavoidable in today’s tough downturn economy. According to the National Credit Regulator, out of the 20 million credit active consumers, there are currently over 10 million who are behind on their bond payments, car payments, school fees, credit cards, retail cards, and loans. And what’s more, out of those 10 million defaulters, over 6,5 million are currently blacklisted with South Africa’ credit bureaus! […]

While statistics reveal that half of South Africa’s credit active consumers are in arrears, it also reveals that many are spending up to 76% of their monthly income on their debt repayments alone. If we can learn anything from this, it is that South Africans have not only become dependent on credit to fund their lifestyles, but South Africans are living off 24% of their monthly salaries to fund their basic living expenses. If you find yourself within this statistic, then it is important to understand that things are not going to get any better, and your best way forward would be to enrol in a debt counselling programme. […]