Tag: financial crisis

Many South Africans face the prospect of a tough 2023. Inflation is the highest it has ever been, and the repo rate has steadily risen with more increases expected in the near future. Further stress is applied to the majority of consumers through (regular) significant increases in both petrol and diesel prices which not only impact car owners but also have a knock-on effect on the price of other items such as food and transport. “All of these increases have negated the financial relief initially offered by the rate reductions of 2020,” said Steyn. “Our concern is that South Africans are now feeling the brunt of these increases, with rising living costs eventually influencing the number of consumers forced to default on their debt payments. Increasing numbers of defaulters may in turn incr...