Struggling with debt? Options before repossession begins
The NFO says consumers can limit costs by acting early through voluntary termination, private sale, or Sell Assist programmes.
Debt
Gambling surge strains retirement savings and prompts tax response
Old Mutual findings and industry commentary show gambling is reshaping spending, eroding savings, and drawing policy attention, with implications for employers and advisers.
Signs that consumers are becoming desensitized to high debt levels
Nearly half of South Africans dedicate more than 40% of their take-home pay to repayments – and there are indications of ‘savings fatigue’.
Consumers caught in hidden debt trap as ombud flags unfair practices
From hidden VAS fees that quietly inflated balances to wrongful fraud listings, the NFO Credit Division’s interventions have secured millions in write-offs.
Two-pot withdrawals linked to surge in used car sales
The Bureau of Market Research discloses what South Africans have done with their savings benefit withdrawals since September 2024.
Be aware of the difficulties when dealing with tax debt in business rescue
Can a creditor lose their right to enforce post-commencement debt? A High Court case sheds light on the fine print of business rescue rules and SARS’s role in enforcing tax obligations.
Why your salary feels smaller: purchasing power plummets as debt levels soar
Even as inflation eases, high interest rates continue to erode incomes, forcing many South Africans to rely on loans to get by.
How bank errors and unseen fees impacted customers
The OBS’s 2023 annual report unveils chargeback disputes, hidden fees, and administrative failures.
South Africans are feeling a lot better about their finances – survey
The latest Old Mutual Savings & Investment Monitor finds a decrease in households dipping into their savings and cashing in their investments early.
South Africans ‘ignore’ debt woes: survey highlights growing financial strain
The Money Stress Tracker survey finds that consumers’ response to financial strain is long on intent but short on action.
Pre-retirement savings withdrawals ‘make sense in certain cases’
Preservation must be encouraged, but the reality is that a retirement fund is many South Africans’ only source of savings, says Alexforbes.
More consumers turning to rewards to manage living expenses
These programmes are having a significant influence on the way people shop, according to the 2024 Sanlam Benchmark Survey.
Government to withdraw R150bn from SARB’s gold and forex account to get a handle on debt
A proposed reform will see half the account’s R500bn distributed to a SARB contingency reserve (R100bn) and to Treasury (R150bn).
Confidence in the economy at an 8-year low, Old Mutual research finds
Latest Savings & Investment Monitor contains insights into South Africans’ appetite for investment risk and investing offshore.
Grave concern about increase in senior citizens applying for debt counselling
Instead of making provision for retirement, they are servicing debt.
Consumers relying on unsecured loans as inflation and interest rate increases bite
Cash-strapped South Africans spending more on essential items such as food at the expense of insurance products, says DebtBusters.
Important expenses not factored into the medium-term budget
A major concern is the contingent liability guarantees of municipalities and some of the state-owned enterprises.
