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SA consumers owe R1.5trillion debt

South African consumers owed R1.44trillion, leading many to seek the help of debt counsellors, while Debt Rescue CEO Neil Roets warns consumer debt will remain high despite the upcoming drop in fuel prices. Roets says the drop in the retail price of petrol by 45 cents a litre this week will bring relief to deeply indebted South Africans, but that the overall indebtedness of consumers remains a problem.

by Grant Foster
2014-11-04 07:07
in News
SA consumers owe R1.5trillion debt

Algoa FM news quoted Roets who said consumers should not use the drop in fuel prices to accrue more debt because should the rand weaken, the price of fuel would increase again.

 

He added that the 60 cents a litre reduction in the diesel price was actually more significant because most goods in the country are delivered by road transportation and if retailers play fair, this could result in slightly lower food prices.

Tags: Debt RescuedeptNeil RoetsSA economy
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