Fitch, Moody’s Investor Services, and Standard and Poor’s (S&P), three leading rating agencies, have all decided to downgrade South Africa’s credit rating from stable to negative, due to South Africa’s recent economic and socio-political changes and developments.
17 April 2013
DebtBusters is constantly providing financial advice and information on industry related topics in order to help enable South African consumers to take back control of their financial situation.
Since the beginning of 2013, DebtBusters has emphasised their focus on providing South African consumers with up to date industry information and company based statistics, in order to ensure that they are financially aware and educated. As a result, DebtBusters has received a phenomenal amount of business exposure and press coverage, which is outlined in the following:
In January 2013, DebtBusters came to the conclusion that in terms of personal finance, the 28th of January was one of the worst days of the year for South African consumers because people got paid early before Christmas, and proceeded to splurge over the festive season by purchasing presents and celebrating. South African consumers hadn’t quite been paid by the end of January when all of their credit card bills and other debt obligations came through.
Ian Wason, the CEO of DebtBusters stated “since Christmas 2012 we have seen a rapid increase in inquiries, compared to the same period this time last year, resulting in 200 to 300 calls every day. Of the 19.69 credit active consumers in the country, there are 9.25 million people who have impaired credit records. South African consumers are not only in need of debt counselling, but also financial advice and education on how to manage their money, in order to get them out of debt”.
Following on from this, Ian Wason was interviewed by Giulietta Talevi from Summit TV, as well as by the Cape Argus, where he provided further information on the situation.
Subsequent to this, earlier on in March, DebtBusters featured on Carte Blanche, a South African based television programme comprising issues investigative journalists have taken a closer look into. Over the years many South African consumers have struggled to settle for second best when it comes to cars, phones and other materialistic items.
However, due to the debt crisis South Africa is currently facing, Carte Blanche focused on those who have been forced to rein in their spending and take a reality check, as well as how DebtBusters is helping South African consumers to take back control of their finances and help give them a second chance to build a brighter future. Carte Blanche’s story on conspicuous consumption and
DebtBusters was broadcasted to 214 000 local viewers during prime time viewing on Sunday the 3rd of March, 2013. To view this episode click here.
In light of Human Rights Day on the 21st of March 2013, DebtBusters discovered from their data, that the average age of South African consumers under debt counselling, has reduced a substantial amount as a consequence of consumers falling into debt at a younger age than in the past and thus took the initiative to advise South African consumers of their debt counselling rights.
According to Ian Wason, “In 2008 the average age of DebtBusters clients successfully entered into the debt counselling process fell into the age bracket of 40 to 45 years old. However, in 2013 statistics confirmed that the average age of DebtBusters’ clients reduced by 19.7%, thus resulting in the majority of clients falling into the age brackets of 30 to 35 years old and lower.” Debt is becoming a wide spread problem and therefore it is important to know your debt counselling rights sooner, rather than later.
Following on from this article, DebtBusters received press coverage from You Magazine, Huisgenoot, The Times Live, FIN24 and Destiny Man. Ian Wason, featured in the news headlines on 5fm and Eye Witness News. He was also interviewed by Bruce Whitefield on The Money Show and by Kienno Kammies on 567 Cape Talk radio station. For more information on your debt counselling rights click here.
After a phenomenal start to 2013, DebtBusters looks forward to an exciting year ahead filled with financially rich and enlightening information.