Thursday, February 07, 2013

Credit Ombudsman worried by high rate of indebtedness

Mluleki Mrwebi
07 February 2013

The Credit Ombudsman today said the high rate of unemployment in South Africa continues to increase. 

This follows the release of Stats SA’s latest Quarterly Labour Force Survey which shows an unemployment rate of 24.9 percent in the fourth quarter of 2012. 

Credit Ombudsman said this is a minor improvement compared to the unemployment rate of 25.5 percent in the third quarter.

Head of legal at the Credit Ombudsman Reana Steyn said when people are taking a loan need to check if they have insurance that can cover the loan in case they are retrenched.

Steyn added that people need to be very careful because the rate of indebtedness is very high and still growing.

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