South Africans are staggering under a high burden of debt as they turn to credit to afford basic everyday essentials.
The current environment of high interest rates as well as high cost of living makes life exceedingly difficult for consumers and they often opt to borrow more money to make ends meet. Between the high interest they have to pay on their debt and price increases from fuel to food, many South Africans are struggling financially and many are forced to borrow.
“Your credit history provides insights into your habits and behaviours and how well you can manage the debt responsibilities that come your way. A favourable credit history and a good score lets lenders assess the risk you present to them when you apply and a positive history and score significantly improve your chances of being granted credit.”
“While many experts believe that South Africa is at the top of the current interest rate hike cycle, it is likely to be a while before any drops in the interest rate make a difference to consumers’ cost of living. That is why it remains important to have a holistic strategy for financial management, beyond focusing on how you manage credit,” Chetty says.
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.
Bad to worse for South Africans earning more than R20,000 per monthSouth Africans are struggling to keep up after one of the worst financial years in nearly two decades.
Read more »
The top cities in Canada that South Africans are emigrating toSouth Africans have historically scored highly in a popular entry programme for skilled workers in Canada.
Read more »
South Africans divided on Ramaphosa's child of democracy, Tintswalo - SABC NewsSouth Africans continue sharing their views about Ramaphosa’s child of democracy, Tintswalo.
Read more »
‘South Africans have been abandoned by government’ – reactions to crime statsCivil society and political parties have called for an overhaul of the police after the latest crime stats were released.
Read more »
Desperate South Africans using debt to buy airtimeThe popularity of airtime advances is growing as consumers come under mounting financial pressure.
Read more »
Treasury wants South Africans to kiss incandescent light bulbs goodbyeTreasury has announced tax hikes on incandescent light bulbs, complementing regulations that will ban the sale of inefficient lamps.
Read more »