This one mindset shift could completely change how you approach debt review. We sat down with @Datanamix at the DCASA conference. watch the full discussion https://www.youtube.com/watch?v=hNLy-hQ6HiQ&t=190s – #debtreview #debtcounselling #intuitivediscussions #podcast #consumereducation #financialeducation #knowledgeispower

Consumers have had a tough financial time in recent years. And even as the economy starts to turn the corner in terms of lower inflation and the beginning of lower interest rates, financial pressures still remain, with some households heavily indebted, even having to consider getting help to better deal with their situation.

To unpack how they’re currently viewing the South African consumer and how consumers can navigate some of the existing challenges, I’m joined by Calvin Ndlovu, Executive for Unsecured Recoveries at Nedbank.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.

Consumers have been warned to be vigilant of debt counsellors who are
placing them under debt counselling without their knowledge or
consent.

The National Credit Regulator says in some instances, consumers are
contacted telephonically and offered assistance on debt consolidation
or reduction of interest or instalments on their accounts.

NCR complaints department manager Enica Mpete explains.

Tune into Newzroom Afrika DStv channel 405 for more.

Seventy-five percent of respondents surveyed by DebtBusters Money-Stress Tracker say they are under financial stress.

One of the many concerns from this group of people is the fear of running out of money as well as not being able to pay off debt.

The survey was done online between May and June this year. It also found that respondents are less stressed about interest rate hikes as well as loadshedding.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.

It can be easy to fall into the trap of not wanting to deal with your debt. Consumer Investigator Rachel DePompa speaks with Leslie Tayne about why you shouldn’t ignore your debt.

As financial stress increases, South Africans are turning to debt counsellors. Unfortunately, this opens them to scams. Bogus debt counsellors are luring vulnerable consumers into debt review by offering them quick solutions. #eNCA #DStv403 #QuestionThinkAct

A new report from NerdWallet revealed that one-third of Americans believe they will be in credit card debt indefinitely. NerdWallet Credit Card Expert and Writer Sara Rathner joins Yahoo Finance Live to discuss the steady rise in household debt.
Rathner notes that credit card balances have climbed 16% over the past year while interest rates have spiked an average of 22%. “Incomes are just not keeping up with the cost of goods,” she says, with the cost of consumer goods up 20% even as incomes rose only 12%. This widening gap leaves many Americans vulnerable to accumulating credit card debt they cannot easily pay off.
“A lot of times credit card debt is imagined as the result of frivolous spending,” Rathner tells Yahoo Finance, continuing: “but, we’ve actually found that many Americans take on debt just trying to afford the necessities.”
#youtube #creditcard #stockmarket
About Yahoo Finance:

Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.

– Get the latest news and data at finance.yahoo.com

– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)

– Follow Yahoo Finance on social:

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The National Consumer Commission says it has received a number of complaints from consumers who have been placed under debt review without their consent.

The National Consumer Regulator has called on consumers to do their homework before agreeing to undertake a debt review to ensure they know what they are getting themselves into.

Debt counsellors who do not abide by the law run the risk of incurring legal costs to remove consumers from the debt review process.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.

Debt management company, Debt Buster says consumers are battling to make ends meet and are resorting to loans to supplement their income.
It released the 4th quarter debt index for the year 2022 which showed that consumers are now facing up to their debt. The report also shows that consumers spend about 63% of their income on service debt.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.

The National Credit regulator has welcomed the latest judgment handed down by the National Consumer Tribunal against MSR Financial solutions. The investigation revealed that the entity was acting in a manner that contravened the National Credit Act. The Tribunal imposed an administrative fine on the company for offering debt counseling services without the necessary approval.

For more news, visit sabcnews.com and also #SABCNews on all Social Media platforms.