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Consumers in a fix over price hikes

By unknown | Apr 25, 2008 | COMMENTS [ 0 ]

Zinhle Mapumulo

Zinhle Mapumulo

The Consumer Profile Bureau has expressed concern that the increase in interest rates, petrol and food prices will lead to more people being blacklisted.

Fred Steffers of the bureau says they are concerned about the recent increase in civil debt judgments, personal insolvencies and liquidations.

"Consumers are no longer able to maintain their living standards," he says. "Banks and micro lenders have also become much more careful in granting loans."

The bureau's concern stems from figures released by Statistics SA, which show that personal insolvencies had increased by 58percent last month compared with a year ago. Civil judgments against companies also jumped 41,2 percent, while liquidations rose by six percent.


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