More Woes For Consumers

Financial expert warns about a growing culture of people living way beyond their means.

- Zenoyise John

THE recent recession that has rocked the country is bad news because the country needs economic growth to fight unemployment, which stands at more than 27 percent. With the negative economic growth, it looks like it is going to take South Africans forever to get out of the economic slump. Solomzi Mankayi, a debt counsellor, says this has resulted to higher interest rates and rising inflation, making loans and servicing debt more expensive and basic food stuff even more expensive.

“Last month saw increases in electricity costs, interest rates, food and transport costs, adding more woes to consumers,” he says.

NEED TO BORROW