Brexit 'perfect storm' for indebted SA consumers - experts

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Cape Town - Brexit does not bode well for SA consumers who are already heavily in debt and SA is on the eve of a perfect storm, which is going to affect everybody - especially the poorest of the poor, who spend more than 50% on food” cautioned Neil Roets, CEO of debt management firm Debt Rescue, on Friday.

Roets said the fact that most consumers owed more than 75% of their monthly salary to financial institutions, showed just how dire the situation in SA actually is.

In his view, the decision by British voters to exit the European Union is going to have far-reaching negative economic consequences for South Africa and South Africans should prepare themselves for hard times ahead.

Support independent journalism
Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
14.59
-0.0%
Rand - Pound
20.30
-0.0%
Rand - Euro
17.34
-0.0%
Rand - Aus dollar
10.73
-0.0%
Rand - Yen
0.13
-0.0%
Gold
1,814.19
0.0%
Silver
25.49
0.0%
Palladium
2,662.50
0.0%
Platinum
1,051.86
0.0%
Brent Crude
75.41
+0.4%
Top 40
62,852
-0.9%
All Share
68,971
-0.9%
Resource 10
70,683
-2.0%
Industrial 25
88,051
-0.4%
Financial 15
12,906
+0.6%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
In light of the recent looting, do you think a basic income grant is the right approach to deal with SA’s hunger and poverty problems?
Please select an option Oops! Something went wrong, please try again later.
Results
It will go a long way in helping fight the symptoms of SA’s entrenched inequality, especially for those who are starving right now
20% - 1490 votes
SA’s problems are complex, and we instead need to spend that money on building and growing our economy, which will help the country in the long run
31% - 2305 votes
All grants are a problem as they foster a reliance on handouts
49% - 3646 votes
Vote