Tag: debit order

South Africa is in the middle of one of the most trying times in the country’s history. Unemployment was on the rise which will only worsen in the aftermath of the current situation. In addition, tensions are boiling over turning into violent acts and destruction which are currently disrupting society. This includes bank ATM’s and branches.

The year 2020 came about with a great amount of hardships and offered critical financial lessons such as, having an emergency fund; the importance of budgeting and having sufficient insurance cover to protect yourself and your loved ones. The New Year provides an opportune time for one to reflect, take stock and review their insurance covers to ensure that they are financially prepared to handle any unexpected turns this year.

In South Africa, 1 September is known as Spring Day, signalling the approaching change in season from winter to summer. This time of year is known to act as a trigger for people to tackle their annual 'spring cleaning' ritual – they get rid of old or unused items, deep clean the house and do some general re-organising.

TransUnion reports that consumer credit extension in South Africa is currently around R1.8 trillion, with approximately 9% of this debt at least three months in arrears. In addition, around 45% of the approximately 22.5 million credit-active consumers have impaired credit records.

We are at the second week and lockdown is still our new normal. This week would have been hyped with items signifying the Easter period. It would have also been the first long weekend since December. This would have been a much-needed break from the first quarter of the work year however we have been experiencing a break since the lockdown kicked in.