Debtfree Magazine October 2016
SA's FREE Debt Counselling and Debt Review industry magazine. What happens if you miss a debt review payment? Find out in this issue (also we have news, reviews, announcements, job opportunities and more)
SA's FREE Debt Counselling and Debt Review industry magazine. What happens if you miss a debt review payment? Find out in this issue (also we have news, reviews, announcements, job opportunities and more)
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eport that few people are signing up<br />
for credit accounts since the changes.<br />
Along with other negative economic<br />
factors this means that businesses like<br />
Truworths are experiencing tough<br />
times. Truworths CEO Michael Mark says<br />
that they estimate that the change has<br />
cost Truworths about R200 Million in lost<br />
sales on credit. The entire retail sector<br />
has been hard hit by the worldwide<br />
economic recession and NCR stats show<br />
that credit granted in the retail sector<br />
dropped by a massive 34%. Truworths<br />
are dependent on credit sales for 69%<br />
of all their sales. The fact that some<br />
consumers can now not prove that they<br />
can afford to use that credit is making<br />
a huge impact on their profitability.<br />
Truworths, TFG and Mr Price argue that<br />
many of their clients are self employed<br />
or are not able to gain access to pay slips<br />
meaning this burden is now preventing<br />
people from making impulse purchases<br />
or opening accounts easily.<br />
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