Many people are deep in debt and some are defaulting on payments and resorting to loans to feed themselves, in an ever-deeper spiral.
Some people are taking loans just to buy food in ever greater numbers and tomorrow’s 54 cents a litre increase in the petrol price is expected to have an even more damaging effect on the economy.
“In its most recent results, Pick n Pay noted that its Pick n Pay Store account now has 125,000 active customers – an increase of 25% year-on-year,” Roets said in a statement. “While it is undoubtedly used for items besides food, one can safely assume that the main card expenditure was on food.” “Luckily, individuals receive various sorts of rebates, like medical aid, pension fund and other rebates. This reduces the PIT from 20% to 11%,” Stofberg said.
“In the end, an average salary-earning South African only takes home R14,700 each month. Such an individual might receive R21,000 cost to company, but pays R6,300 to government for the privilege of living in SA and using their services,” said Stofberg.
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