Debt repayments too high? We Want To Help You!
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Consumers that have borrowed money will be hit hard by the latest announcement from the South African Reserve Bank (Sarb) that it will hike rates by 25 basis points believes Ian Wason CEO of DebtBusters, South Africa’s largest debt counsellor. This is the first time that the SARB has increased the repo rate since hiking it by 25 basis points in July 2014.
At DebtBusters, we want you to stay on track with your finances and steer clear of splurging out over the festive season. It is during this time that consumers overspend and end up with no cash at the start of the New Year.
Ian Wason, Chief Executive of Debtbusters, says he has seen an increase in the number of employers seeking help for their employees who are over-indebted.
“Recent reports show that DebtBusters clients required 108% of their net income to service their debt before they signed up for debt counselling. One of the highest rates on record and up from 90% in 2013,” said Wason.
April 19, 2007 By Vernon Wessels Johannesburg – Absa expected bad debts as a percentage of total loans to worsen from 44 basis points at the end of last year to 75 basis points over the next 12 to 18 months, a top official of the banking group said yesterday. The lender had an impairment […]