Unemployment and stagnating salaries are symptoms of the coronavirus-induced lockdown, leading many South Africans to use loans to weather the storm. Payment holidays have ended, and low interest rates will soon be something of the past.
South African consumers are sinking deeper into debt. The overall debt to annual net income ratio across all income bands reached its highest level ever at the end of 2021, according to the latest DebtBusters report.
This report, released on Tuesday to launch National Debt Awareness Month, profiles consumers who've applied for debt counselling in the final quarter of 2021 and compares it with data gathered over the past five years.
