The National Credit Regulator warns consumers to look after their credit health
Times are tough. We're all feeling the pinch as inflation ticks higher. And now the National Credit Regulator (NCR) has stepped in, warning consumers about letting their debt get out of control. Here's what's happening…
Today saw the NCR
release a statement warning consumers about staying on top of their debt as statistics show that an increasing number of people are finding it harder to service their debt.
“warned consumers to monitor their credit health as statistics showed that consumers with impaired records had increased,” reports BDLive
An impaired record is a consumer or account “that has been in arrears for three months or more,” adds BDLive
“A total of 189,000 consumers were added to the 9.34 million who already had impaired records,” reports MoneyWeb
. This is a whopping “increase of 1.1% year on year”.
Nearly half of all credit active consumers have impaired records
And shockingly this means that “47.5%” of all credit-active consumers have “impaired records,” states the NCR
advice to consumers whose debts are spiralling out of control is to deal with the problem and “approach their credit providers and debt counsellors for assistance”.
And trying to deal with your debts before it becomes an even bigger issue is even more important in crunch times like these. Petrol prices are set to increase at the end of the month
because of the weaker rand forcing inflation higher.
And higher inflation means higher prices for all of us. And paying off debt will be even harder when you have less money in your pocket.
Bottom line: If you have debts mounting up that you are struggling to repay, you need to face the problem head on. You can find a debt councillor by visiting the Debt Counsellors Association of South Africa’s website