Neil Roets, CEO of Debt Rescue, warns that South Africans are under severe financial pressure as the economy shrank by 0.3% in the third quarter of 2024. While unemployment dropped slightly to 32.1%, many households are relying on credit to cover essentials like food and transport, cutting back on healthcare and insurance just to survive.
Trapped in a Debt Spiral
Roets said, “In a high-unemployment environment, over-indebted consumers find it nearly impossible to catch up on repayments. Missed payments lead to higher interest charges, and soon they’re trapped in a debt spiral with no clear way out.”
Festive Season Brings Little Relief
As the festive season approaches, Roets urged action to address the economic challenges that are pushing households to their financial limits.
Read the article here
Take the First Step Toward Financial Relief
Don’t wait until your financial situation becomes unmanageable. The sooner you reach out to us, the sooner we can protect you from legal action and give you the financial relief you need.
If you’re feeling overwhelmed by debt, know that we’re here to help you every step of the way.
Contact us Today for your Free Debt Assessment
Like
Like
Love
Haha
Wow
Sad
Angry
