Economist and CEO of Debt Rescue Neil Roets says South Africans should brace themselves for difficult times as the economy struggles to recover.
Despite the hardships brought on by the Covid-19 pandemic, lifewill now be even more difficult with the AA predicting a rise of a whopping R1 a litre in the price of fuel.
Consumers receiving their electricity directly from Eskom, will also be hit with a 15.63% tariff increase, starting today.
At the same time residents of Johannesburg who have prepaid electricity meters may not receive a single unit for the first R200 they pay a month, as this will cover a new levy.
Speaking to Radio Islam, Roets says there are very difficult times ahead for South Africans.
“They must make sure that they draw up their budgets and stick to those budgets and make that they also have emergency funds left for when life happens especially during these difficult times.”
Roets says consumers must realise there will be no government bailout for struggling South Africans.
“There’s not going to be help in the form of government giving out money to people who are struggling or banks writing of their debt. The reality is that the bank and credit providers, they are going to want to their money and therefore people should be very vigilant when it comes to spending money at this point in time.”
Roets says if South Africans find themselves overindebted, they should contact a debt counsellor which is a brilliant mechanism to resolve your debt crisis.
