World Cup brings in additional income

"We should not underestimate how positive the World Cup has been for goodwill and job generation. Some of those jobs will disappear after the World Cup but we are seeing a new sense of optimism and innovation among our clients who tend to be among the most depressed people in South Africa because of high debt," said CEO Andre Snyman today, Monday 12 July 2010.

The country's biggest debt counselling company said that there was no evidence of reports of consumers getting deeper into debt by taking out loans to buy soccer tickets or television sets.

"What we have experienced nationwide is a slower month than usual and reports from consumers that more have found opportunities to make extra income whether making boerewors rolls near match venues, inviting the neighbours in to watch TV and have a braai for a small fee or creditors have given them a little extra time," said Snyman.

Debt still a concern

The company said that debt concerns are not at an end with the company receiving 10 to 15 cases a month of consumers who have either been retrenched or those that have their living expenses levies for water and lights go up so much that they cannot make the monthly payments.

Consumer Assist suspects that there will be an increase in debt review application following the month long spectacle due to consumers losing track of their finances.

"(This is) not because of over-expenditure but because consumers were so fixated on this big event that they lost track of their finances.

"The main problem during this time with those already in serious debt is that they might miss payments on their current debt review which could lead to creditors terminating agreements with those in debt," said the company.