Brexit 'perfect storm' for indebted SA consumers - experts

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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.

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