A recent study performed by researchers at the Boston Consulting Group found that South African consumers don’t trust banks. Although South Africa is the largest economy on the African continent, our country is plagued by high levels of unemployment, income inequality and a poor education system. While mistrust, high prices and lack of relevant services [...]
Since the start of 2016, consumers have been spending a lot more, after being hit with one price increase after the next. It has become glaringly evident that we all need to learn how to make every rand earned stretch and we need to do this ASAP. One of the simplest ways to make ends [...]
Administration vs. Debt Counselling Credit providers are recklessly and unlawfully granting credit to consumers who are under debt administration, to the apparent indifference of their administrators. An administration order is an outdated debt relief method regulated by the Magistrates’ Courts Act (MCA), for consumers whose debts are below R50 000 in total. Whereas, debt counselling is a [...]
Unscrupulous ‘Uncle’ JD After exposing JD Group for unlawful disability and retrenchment insurance sales to pensioners, the National Credit Regulator (NCR) has requested that the National Consumer Tribunal (NCT) fine the unscrupulous multinational. The retail conglomerate comprises Joshua Doore, Russells, Morkels, HifiCorp, Bradlows, Barnetts, Electric Express and Pride ‘n Price. In addition, the regulator has called [...]
The newest SA Consumer Confidence Index (CCI) indicates that our perspective of the current economic environment has plummeted to a 14-year low. We are all feeling the effects of slow economic growth, as the price of consumables, services and utilities continues to rise. CCI plunged from 0 to -4 from the last quarter of 2014 [...]
Threat of SA Ratings Downgrade South Africa is facing the threat of a credit ratings downgrade, in which case banks will be confronted with higher levels of bad debt, while consumers will be subjected to a rise in costs, according to the head of First National Bank (FNB), Jacques Celliers. Standard & Poor's (S&P), Moody's, [...]
