Neil Roets, CEO of Debt Rescue, told Business Report ( IOL) that South African consumers are under increasing financial strain due to rising fuel and electricity costs, combined with the slow pace of interest rate reductions. While the cost of living is rising at a slower rate, he noted that this offers little relief to consumers, as the high prices of food and essential goods continue to put households under severe pressure.
Despite a slight increase in consumer spending in the fourth quarter of 2024, Roets pointed out that many people remain caught in a relentless cycle of debt. He explained that one of the key reasons for this is the rising cost of credit, which makes it even harder for individuals to break free from financial hardship.
For those struggling to manage their debt, he advised seeking help from a registered debt counsellor, who can assist in managing their financial situation effectively.
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