Debt Rescue SA has urged South Africans to make responsible financial decisions even with uncertainty around the COVID-19 global pandemic.
Photos and videos have gone viral of South Africans panic buying at grocery shops this week.
Thousands cleared shop shelves on Monday the day after President Cyril Ramaphosa declared a state of disaster.
Debt Rescue’s Niel Roets said the economic impact of the pandemic would be devastating.
“People are in survival mode so they aren’t thinking about things they buy the way they normally buy. They think they must grab everything they can get whether they can afford it or not.”
He said many people idn’t have the budget to pay for the extra expenses and ended up swiping their credit cards.
“There are also many retailers providing credit to consumers. The problem with this is a case of supply and demand and many are increasing prices.”
To track the latest developments around the coronavirus both in South Africa and abroad, click on this live status report from Strategix.
More Stories
Petro SA, Eskom Working On Cost Of Diesel Solution
Ramaphosa Asks Mabuza To Stay On, For now
Three SA Tourism Board Members Resign Amid Controversial R1bn Hotspur Deal
Eskom Needs More Than Money To Solve Its Problems – Analyst
SA Tourism R1bn Sponsorship Unjustified – Ramaphosa
Zuma Decries SCA Parole Ruling
Parliament Processing Key Recommendations Of State Capture Report
Tourism Department Responds To Tottenham Hotspur Deal
Vulnerable South Africans Now Eligible For 5th COVID-19 Booster
Cape Town Mayor Urges Residents To Reduce Water Usage
Calls For State Of Disaster On Energy Crisis At ANC Lekgotla
Petrol And Diesel Prices Set To Rise