By Khanyisa Tabata
02 September 2009
The National Credit Regulator has warned that at least 150 000 South Africans could be under debt review by Christmas as the effects of the economic crisis take hold.
It has been reported that there are already 100 000 consumers under debt counseling. These consumers owe a combined R20 billion of that amount R12 billion is owed on mortgages.
10 000 new are received by the NCR every month.
The NCR predicts that in the coming 18 months or more the number of consumers applying for debt relief.
People that are in debt in South Africa are now seeking assistance after having used their investments. Now they are getting help from debt counseling.
This week the NCR further said that 1.3 million South Africans had fallen into arrears from June 2007 to July this year.
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