"We need to remind consumers that economists failed to predict the global economic crisis and they may be too hasty in predicting a recovery now."

"There is a range of problems - in some instances, people expected bonuses that did not materialise or were far smaller than in previous years, or they did not anticipate the big slice the taxman would take of the bonus," she said.

SHOOT: Yes it seems some South Africans, a bunch, are starting 2010 on a very unsteady financial footing. Despite all the cheery 'Happy New year' stuff, 2010 is probably going to be even more difficult than 2009. Be warned.

clipped from www.fin24.com Tjaart Kruger, financial director of Consumer Assist, said it was worrying that a full year after the global economic crisis began, people had still not learnt that they needed to budget and that they had to cut spending and be more sensible with their income. "We are concerned that some are taking economists' predictions that the economy is starting to recover as an excuse to start overspending. "We have situations where people do this and after the 60 days renege on payments, or say they don't wish to be under debt review any longer. "This not only threatens their credit record - it is almost certain to see creditors come after them with the full weight of the law." Snyman said debt grew in 2009 and that trend was likely to continue through 2010. "This means that in the best-case scenario South African consumers need to watch their rands and cents well into 2011 and relief will probably not come before the end of that year."