Faizel Patel – 08/07/2020
Photo: Lowvelder
As the country enters Day 104 of the COVID-19 lockdown, a debt expert and the CEO and founder of Debt Rescue says South Africans are in deep financial trouble.
Neil Roets was speaking to Radio on Wednesday about the financial implications the COVID-19 pandemic has had on country and South Africans.
Roets says the country’s economic climate was not good even before the advent of the Coronavirus.
“According to the state provided by the National Credit Regulator (NCR), almost half of all credit active consumers were over indebted meaning that they were in arrears with at least three payments on one of their accounts.”
Roets says COVID-19 has exacerbated the financial crisis in South Africa.
“We are seeing companies not making money during this time and that filters through to the employees because they are not being paid their salary or just part of it. So the situation is really not looking good financially for South Africans.”
Roets says the first world countries are in a better position to hand the financial implication of the COVID-19 pandemic.
Listen to the interview with Neil Roets
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