Ombud for Banking Services cautions tough times ahead as South Africans face financial crises.
He said ironically it was a series of interest rate reductions which started in Q2 2020 that contributed to the pressure many consumers are now experiencing.
When the interest rates began to rise again in late 2021, these consumers started to feel the increased burden of servicing asset-linked debt. The average interest rate for a bond went from 8.3% in Q4 2020 to 10.8% in Q4 2022. Consumers who successfully completed debt counselling in Q4 2022 paid back more than R400m worth of debt to their creditors as part of the debt counselling process, the company said.The Ombud for Banking Services, Reana Steyn, is advising cash-strapped South Africans to approach their credit providers timeously to communicate their financial problems.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Access Bank South Africa takes CFI’s Best Business Banking Solutions in SA titleThe bank forms part of a financial services group with an established international presence, including subsidiaries in Africa.
Read more »
The most valuable banks in South Africa in 2023Brand Finance data says Standard Bank is the most valuable banking brand in South Africa
Read more »
Top cloud services in South AfricaCloud computing can give your business the edge in an era where agility, flexibility, and efficiency are key.
Read more »
South Sudan: Peace in South Sudan Hinges On Local Accountability, Landmark Peacebuilding Commission Meeting HearsThe Government of South Sudan, in its first ever briefing to the UN Peacebuilding Commission, outlined its priorities on Tuesday, addressing a host of recommendations from civil society speakers and UN officials.
Read more »
South Africa: Armed Group Storms Hostel, Four Dead - South African News Briefs - February 2, 2023
Read more »
Thousands of South Africans are losing their citizenship – some without even realising itSouth Africans applying for citizenship in a second country may loss their South African citizenship.
Read more »