JOHANNESBURG - The Banking Services Ombud is urging consumers to speak to credit providers if they're struggling to make repayments.
High inflation, increasing interest rates and petrol prices have created the perfect storm for consumers.
The ombud is concerned that more South Africans will default on loan agreements and repayments.
Ombud Reana Stenyn says consumers are financially stressed.
"Things are definitely not looking up for consumers," she said.
"The reason why we want to warn consumers is that they shouldn't leave it until its too late, because that's what we see..
"We see those problems when it's already too late."