New data from debt counsellor, DebtBusters, shows that earners in all income brackets in South Africa are worse off when comparing total debt exposure to annual net income.
“It is clear that the debt situation of SA consumers has further deteriorated recently. In the absence of a meaningful increase in real income growth, South African consumers continue to supplement their income with more unsecured credit,” said DebtBusters chief executive Benay Sager.
“Average loan size has increased, and the number of debt obligations (open accounts) has decreased –both indicating that consumers are seeking help sooner.”
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