16 Aug Municipal Fees, Food and Petrol Increases
The cost of living in South Africa continues to increase at a rate that most consumers cannot keep up with. On average, most individuals who earn an average salary are likely to acquire debt and become over-indebted trying to keep up with the rising municipal fees, food and petrol prices facing our country and affecting our livelihoods. For this reason, it has become essential that debt relief options be made available to struggling individuals who require rehabilitation.
Consumer price inflation is one of the leading causes of debt and affects everything from an individual’s ability to afford their rent or mortgage repayments, to being able to honour the repayments to creditors that form part of loan, credit card and store card agreements. Petrol prices alone are soaring annually, with statistics showing a massive increase of 21.4% in the cost of fuel in South Africa from April 2020 to April 2021. Equally as frightening are the increases we are facing in electricity, which is essential for our very survival. Since the cost of petrol and electricity directly impacts the price of food, it is now much more challenging to afford monthly groceries, especially when salary increases do not accommodate the steep incline in the cost of living.
While relief is available through loans and financial aid, the associated interest rates and strict repayment terms can often land consumers further in financial turmoil down the line. If you cannot afford the cost of living now, acquiring debt will only provide temporary relief, and you will be left with even more monthly financial obligations. It is important to balance your income and expenses, and adjust your lifestyle to ensure that you are able to afford the basics and most important payments each month. If possible, keep informed about the increases in municipal fees, food and petrol as they happen, and make sure that you are adjusting your spending habits accordingly. Avoid debt as much as possible, and always make sure that you are able to afford your loan repayments.
At Debtco Group, our goal is to provide individuals who are over-indebted with a solution to defeating their debts for once and for all. We offer a National Credit Regulator (NCR) approved Debt Counselling service that is personalized and highly effective, and can vastly improve your quality of life. To find out if you qualify, simply reach out to us by applying on our website. While no one plans to become over-indebted, the persistent rise in municipal fees, food and petrol prices that we face sometimes leave us with few options, and affect all of us in some or other way.
Learning how to manage your money, control your debt and be prepared for inevitable price increases are all useful tools to have. It is easier to live according to your means once you have tackled the debts that are holding you back. Debt Counselling can give you the breathing room that you need, so that you can finally stop stressing about mounting debts.