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Thursday, January 21, 2010

Summons' and Judgments increased during end of 2009

Stats SA have released some scary figures for November of last year (2009)
According to them more than 100 000 people were summoned for debt in November.

Also increasing are then number of Debt judgments which in November swelled by 19% (over 2008 November) to 64 254

People are really struggling to handle their debt repayments each month. At present according to Stats SA debt repayments represent 79% of disposable income (79c of every rand of disposable income goes to pay off debt) which is very high. Leaving very little for people to save or spend on other non-essentials.

It seems that the end of last year was a bad time for many consumers, who will now have Debt judgements looming over their heads for 30 years
(that's how long the judgements last...crazy hey?)

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