Neil Roets, CEO of Debt Rescue, expressed deep concern over the current financial struggles faced by South Africans.
High Borrowing Costs Impacting Basic Necessities
Roets stressed that the high borrowing costs, the highest in over a decade, have left many South Africans struggling to afford basic necessities like food.
Urgent Action Needed to Address Financial Crisis
He described the situation as a “ticking time bomb” that requires urgent action, noting that many consumers have reached their financial breaking points. The sustained high interest rates have not only increased monthly repayments on home loans but also led to an increase in debt counselling enquiries, indicating widespread financial distress.
Find Help Through Debt Review
Roets advised those in debt to seek help through debt review, where registered debt counsellors can assist in managing financial challenges. He stressed that it is crucial to seek help early to avoid further financial difficulties.
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