There doesn\u2019t seem to be much good news for South African consumers at the moment. <\/p>\n\n\n\n
Financial indicators show a downward trending economy with salaries remaining flat, job security threatened, and more families and individuals battling against rising fuel, power, and food costs.<\/p>\n\n\n\n
To make matters worse, further hikes in the Reserve Bank\u2019s repo rate have deepened household distress with the most recent 50 base-point hike taking the rate to 4,75%. Many economists expect this will not be the last hike for the year.<\/p>\n\n\n\n
South Africans\u2019 back pockets are directly being affected, squeezing household budgets and increasing the pressure of servicing debt.<\/p>\n\n\n\n
\u201cConsumers should think carefully about their financial obligations,\u201d noted Darryl Adriaanzen, African Bank group executive for operations. <\/p>\n\n\n\n
\u201cThe regulations governing regular payment of debt instalments have become very strict and if you underpay on your monthly instalments, you will be reported to the credit bureaus, with negative legal consequences.\u201d<\/p>\n\n\n\n
Thinking carefully means seriously considering what a loan is needed for, thinking twice about taking out multiple loans out and not taking a loan for luxury items and unbudgeted expenses, he related.<\/p>\n\n\n\n
He also suggested:.<\/span> Customers should be objective and honest with themselves when applying for credit, and avoid borrowing with emotion. When applying for a loan they must make sure they have included all their monthly expenses, so they are sure they can afford the loan they are applying for..<\/span> Customers should try and pay off their smaller debts first. Once these have been paid off, the remaining money should be added to the monthly instalments of the bigger loans..<\/span> If customers are battling to pay their monthly instalments, they shouldn\u2019t just stop paying instalments. They should contact their creditor provider and try to make a more affordable payment arrangement..<\/span> Customers should consider a bank that offers credit life insurance when a loan is extended. That means benefits are available to the customer in the case of retrenchment, or short-term, permanent or temporary disability as well as the death of the debt holder.<\/p>\n\n\n\n Adriaanzen concluded by saying: \u201cThinking carefully about a loan as well as the size of a loan, compared to your earnings and expenses, can help prevent future financial stress. When used correctly, the right loan can improve your quality of life and open the door to financial freedom.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" There doesn\u2019t seem to be much good news for South African consumers at the 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