Covid-19 changed the way South African consumers pay their debt. According to a new TransUnion Global Payment Hierarchy study our payment behaviour changed to prioritise paying credit card debt rather than personal loans. Lockdowns forced people to make more online payments using credit cards, which means the focus at the end of the month changed …
Money and marriage might not be the most romantic discussion for anyone planning to tie the knot, but it is a conversation worth having if you want to secure your financial future. Divorce and debt should be something couples discuss prior to signing any marriage contract because the consequences flowing from your marriage contract affect …
According to the South African Reserve Bank, the most recent household debt-to-income ratio in South Africa stands at 75.1%. The added pressures that the pandemic years placed on consumer pockets, compounded by the unstable geopolitical climate mean that for the majority of South Africans, over-spending on Black Friday and the Festive Season is not a …
Credit scores are used by businesses and financial institutions when deciding whether to extend credit to a customer. Although the decision whether or not to grant credit does not lie with the credit bureau, your credit report is used by credit providers – banks, retail stores, cellphone companies and so on. Your credit record affects …
When major lenders announced that they would be introducing payment holidays to help South African consumers deal with debt during the difficult lockdown, it was a breath of fresh air to many in debt. In fact, 1.6 million consumers opted to take payment holidays from home loans, vehicle finance, personal loans and the likes totalling …
Payment holidays are over and the costs are starting to show. Read More »
With many South Africans in financial distress and struggling to repay debts as a result of reduced and complete loss of income, the National Credit Regulator (NCR) has reminded consumers of the measures available to ease their financial burdens.
The South African Reserve Bank (SARB) has published a new report of the country’s financial stability across key economic sectors. Amongst other things, the review looks at how much debt South African households have and how much of our income is going towards paying off our debts every month. One of the key concerns cited …
Dealing With Debt Post COVID-19. [The Best Option] Read More »
It’s been 27 days of lockdown in South Africa, and it would seem that this pandemic is leaving no one untouched. Not everyone has the virus, but it’s affecting each and every one of us in different ways. Everyone is taking some form of strain and have had to make some form of adjustment. What …
Even though we might not know exactly what a recession is, we do know one thing about this much-feared word – it’s bad news. Unfortunately, our investment rating is almost certain to be downgraded to junk status officially by Moody’s this month and it was also made official last week that South Africa is in its second recession …
According to the latest statistics, South Africans are no longer using loans just to pay for luxury goods and holidays. Loans are being used to survive till month-end. The reason lies in the latest statistics, which reveal that average debt levels have increased by 13% over the last four years. The average increase in income …
Bigger loans trapping more South Africans in debt cycle. Read More »
