A recent study in the United Kingdom shows that 1 in 3 consumers hide their financial problems from their family. The UK’s “hidden” debt amounts to an estimated £55bn. Luke Hirst, MD of Debt experts DebtBusters, says ‘This statistic looks just about right for the South African consumer in Debt. It is a common problem […]
30 July 2015
National Women’s Day celebrations are not only a commemoration of when 50,000 women staged a march on the Union Building in Pretoria in 1956 but also a celebration of women and a chance to honour their role in our society.
DebtBusters would like to challenge women country-wide to take a stand again, but this time against the debt crisis using debt management, which is faced by many South Africans across all walks of life. Recent statistics tell us that of the 21 Million South Africans that are in Debt, 10 million are in arrears. A large portion of those in arrears are estimated to be women.
A closer look at the DebtBusters client profile shows that many women in South Africa are struggling each month to pay their bills and have had to incur more and more debt to support their families. The sad reality is that woman already drowning in debt need to take a deep breath and prepare themselves for a tougher road ahead. They must urgently find ways of cutting back on expenses (for the long term) so that they are not forced into opening other lines of credit to pay back loans that they already have.
Women county-wide will already be feeling the pressure after the announcement from the South African Reserve Bank (SARB) to hike rates by 25 basis points. By now, commercial banks and other lenders have increased their lending rates meaning that women with multiple loan accounts such as overdrafts, clothing accounts, vehicle finance and credit cards will already be feeling the impact of these rate increases on their monthly instalments. With little time for adjustments to their household budgets to accommodate these extra costs, we expect that many more will go into arrears on their accounts this month. In addition to this, there will be a knock-on effect of increased rentals, food and other everyday goods and essentials, putting further pressure on household cash flow.
In tough times like these, women need to take a stand against their debt by investigating Debt Counselling as a remedy to get becoming debt free! South Africa needs women that are focused on their families and careers, women that are growing their wealth and women that are positive about their future!
Do you know someone in need of debt management?
If you or someone you know is drowning in debt, visit www.debtbusters.co.za and let DebtBusters, South Africa’s largest and most trusted Debt Management Company, help you. Your fight starts with a free credit check and debt assessment. Act now!