Although Stats South Africa announced that the unemployment rate in South Africa has declined by 1.4% to 25% between the first and second quarters of 2015, the unemployment rate is still very high though. The reality is that he average South African consumer is not earning enough money to make necessary monthly debt repayments. Wikus Olivier, Debt Management Expert at DebtSafe, talks about managing debt while unemployed.
Living expenses increase, and the economy isn’t looking promising… One of the most popular questions asked on the DebtSafe website and social media platforms, is the issue about people losing their jobs and being over-indebted.
We receive numerous queries about people who lose their jobs and who are uncertain of what will happen to their debt – they are scared that they will lose everything.
When you are retrenched, you should immediately send a letter of confirmation of retrenchment written by your employer to the bank or credit provider to arrange an alternative repayment schedule.
Pay the credit provider as much as you can afford while looking for employment.
