Neil Roets, CEO of Debt Rescue, has called on the nation’s leaders to act urgently as South Africans grapple with record-high interest rates, rising living costs, and a worsening water and drought crisis. Speaking to Business Report, he warned that these pressures will only intensify as the festive season nears.
Repo Rate Cuts Not Enough
Roets acknowledged the Reserve Bank’s recent repo rate cuts but stressed their limited impact on struggling households.“While it is a step in the right direction, it should come as no surprise that this small drop in borrowing costs will make no discernible difference in the lives of millions of struggling households across the country,” he said, urging major retailers to address soaring food prices and provide real relief to consumers.
It is Never too Early to Ask for Help
As more people turn to short-term loans to survive, Roets cautioned against the dangers of a debt spiral. His advice: “My advice to those who find themselves in a debt trap is to seek help through debt review, where a registered debt counsellor can assist you to manage your financial predicament. It is never too early to ask for help.”
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