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BusinessTech | These income brackets in South Africa owe the most debt right now

New data from debt counsellor, DebtBusters, shows that debt exposure has worsened for most income groups in South Africa compared to recent years.

On average, consumers have 20% more unsecured debt in 2022 compared to 2016, those taking home R20,000 or more have unsecured debt levels that are 54% higher than in 2016, said DebtBusters chief executive Benay Sager.

The financial situation of SA consumers continues to be challenging, even two years after the beginning of the coronavirus pandemic, he said. “In absence of a meaningful increase in real
income, SA consumers continue to supplement their income with unsecured credit.”

Read the full article on BusinessTech.co.za

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